Hello Traders, Similar to my CL1! and USOIL charts I posted yesterday. Chesapeake Energy formed a very similar structure. I would be interested to see how well these 3 charts correlate with one another. The charts I am referring to are found below. Best, Chartistry
Oil has an oversupply problem so it may not go up as much as some of the other commodities, but it should still go up because USD will go down more.
Oversold on Bollinger, but Indicator momentum in line with new lows. I am looking towards the extension of the previous lows this year to get to 34-35 for support, then 33 (old front month low of January 2009) Until then, more of the effects of the OPEC meeting, which yielded more supply coming on line in the near future. These levels are not worth shorting...
After a rocket off the bottom and a nice trade, Crude needs a rest. Is the bottom in? We don't so...soon though. We feel crude could make another attempt at a bottom to shake out the weak longs. However, if crude wants more upside from here we will need to see some consolidation. Above the $47 and we could see an accelerated squeeze. Crude is on our daily...
CL made a new low in the March contract. The continuous contract is within a few ticks. Regardless of what contract you are trading CL is still weak and standing in front of this train wreck is bad for your account. We will stand aside until we see the first sign of upside volume then we will place it on the watch list. Watch more on our Weekly Video Update: youtu.be
Sort of Symmetrical Triangle formation but more Ascending Triangle rather than Symmetrical can be seen on Crude Oil Daily chart. Anyway, I really like price movements within any kind of triangles until it gets really tight and hot, and when it gets broken it's another opportunity where we want to be placing our orders, right? My prediction is a short term...