Oil prices have plunged this year, as supply has jumped and demand has plummeted. They are down more than 50% just this month. On Monday, they took a new leg down, with West Texas Intermediate crude futures temporarily falling below $20. The last time Texas oil settled below $20 was in 2002.
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OILU ULTRAPRO 3X CRUDE OIL ETF
ENTRY 1 1.20
ENTRY 2 1.00
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From February 2011 until November 2016, a major resistance trend line has kept RSI well below 50. In November 2016, there was a minor breakout, which ultimately failed and re-entered bearish territory. Since August of 2017, the RSI has held above this trend line until this month.
After the RSI resistance breakout in late 2017, the trend line has been tested on 3...
Today we are again digesting some extraordinary moves and need to look at what is really happening. I am watching 20.50 as a very important lower level . I am not looking at targets today but more observation of what the activity of the day will be, the range is massive and there is plenty of room inside the range to have large trades so as long as inside this...
For the fourth week in a row, last week oil fell.
Technically, WTI has completed a bearish pennant. That pattern is normally followed by an upward correction which, in this case, means it could retest the $30 level.
I recommend you to go bull to 29-30$ levels during this week.
We have dropped below normal red zone low and now the level to watch is the current low, this will be a important level to help find today's direction. I do not see ( unless news) a much higher move above the current highs. however can see a test of the lower balance point very easily.
Oil ranges have been very large and provide some good trades but also lots of...
yesterday saw oil drop hard into new lower levels and now we are in a bottom of range balancing zone. If we stay in this range I think we break down for mid teens to what could be the bottom, however i am beginning to see a case for oil below $10.00 also.
A move above red zone could take us back to prior RTH session low and then see if bulls have any mojo left. ...
A down move over the early session moves below prior support levels and sets up a move into teh higher teens. Will be watching for any type of bounce and if this bounce fails will be hanging my hat on the short side. also will get short on a impulsive move down that gives me a pause to jump on.
Lower target 17
Please look at your chart and the usoil TV chart I...
We are still trying to test lower and that is what I would have as primary dirction for the day, but this will come with some decent bounces on the way. Watch the red zone and be ready to react to what the market tells us. In this market targets can come fast.
Today we are in a very big consolidation, and inside that have to be thinking back and forth so as oil moves up to red zone and or the first blue target I will be looking to short oil, this can be a day trade or a longer time hold, however much over first upper blue target the bear maybe dead and oil could take off so play safe if a swing trade. and always when a...
Well interesting day in front of us and oil will do it's part.
Looking lower for oil and it might come after a bounce or on a down rip, will be ready for either idea.
As always the Red zone provides many many clues to how the day action will be.
Oil did what i mentioned yesterday and chopped inside a small range, now that range has expanded and looks like will still be choppy. Choppy until some real news is my thinking. when it break a few fast points will come in on either side of the balancing zone.
So today will look for longs near red bottom and shorts near red top.
Oil could be moving into a multi day smaller range consolidation so watch for a day of tight smaller moves. On the other hand if it breaks the consolidation a good sized larger move could easily happen so do not get caught thinking you know what will happen in oil. Play the action and the reactions. right now we are finding support that is decent around 32 and...
today we remain in the consolidation and will be looking for consolidation type trades. but will be ready for the bigger unbalancing move.
So long in the area of the red bottom and short from the red top area.
Today not even going to talk direction or targets, we are inside the red zone consolidation until we are not, and when we are not that is very important information. So i will be looking for trades using the sloshing of the market until one end of the tub over flows.