fximperija
Long

$CL_F #Crude #BullishBat #MonthlyTrendLine

FX:USOIL   Crude Oil (WTI)
What to say! Chart is worth more than 1k words :)
THE BAT IS NOT A TRADE IDEA BUT PURE REFERENCE WHERE TO LOOK FOR A POTENTIAL REVERSAL!!!
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Curious about your recommended stops since a Bat pattern is a Bat pattern
whether it is an hourly chart or a monthly chart ? Stops below $32 are HUGE
and require a lot of risk thus an account that can handle the potential draw down?
Thanks for your thoughts and Best Wishes for your new website and a new year !!!!!!
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fximperija dojitrader
I draw in this bat just as a reference not a trade Idea. If you saw my chart on Twitter about DXY vs. $CL - Last time DXY hit 100, $CL was 37.20 back in Feb. 2003. Again, this Feb. might happen just the same as happened 12 years ago. The 37.20 price is just in the middle of bat completion and initial level (32.68 - 42.17).

In that zone we should look for the bottom on $CL and potential reversal, IF the PA reaches that zone. How things look like at this moment, very likely to happen.

What is far more important is the reaction of Oil companies. They have cut the prices but not even close to match the drop in Oil price! They are protecting themselves against huge losses. There is no Oil drilling company that can cover the costs of Oil production at these price levels.

Any price below the $50 mark is negative balance sheet on every single Oil producer. I'm just waiting when OPEC will cut production creating an artificial demand pressure to push the prices up.
+1 Reply
So when it hits then... Companies rejoice
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fximperija ccamalcolm
The point is for how long the Oil Cartels can stand this low prices. Not long for sure :)
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