So, AMEX:GUSH hit the level a bit sooner than I thought. My thinking is that we'll play around here for a bit over the next few weeks. I expect the market to begin to 'price in' what is to come in April as production increases in Russia, etc... However - thinking you know which way we go from here with absolute certainty is playing with fire. :)
After an almost comedic OPEC meeting today, we were on our way higher with the prospect of continued tempered production. At least for a month or so... By May the spigots would be expected to be opened up again. (Russia will increase production in April) However, I'm guessing that the tech troubles and Powell speech today shook it all up a bit. I'm still liking...
Surprise increased inventory levels published today. Our Crude trend is up, but with OPEC meeting coming up where it is anticipated that production restrictions would be eased. Does our upward trend continue? Here We are using AMEX:GUSH
We went from 1.5$ which was called during the end of June to 3$, this move is far from over and I expect continuation to 4.4 by 2022 and maybe higher.
US oil bulls are taking this higher everyday, but this wont last for long. Possible trade with excellent Reward/Risk ratio ahead.
Hi Guys, the pullback from C continues and it's looking more and more like a continuation of the bulls run initiated back in April. From September to October WTI accumulated before rising up again in November. This accumulation period resamble a WM formation with some harmonic patterns inside (XABCD). It is very similar to the harmonic pattern unfolded by...
Hi Guys, November is ending today and it has been a positive month for WTI unless today's meeting by OPEC+ ruins the party. Since OPEC+ mended their differencies back in April and started implementing drastic production cuts, WTI climbed back above the blue horizontal line and was supported above it before running again this month. SMA points down but still...
Hi Guys, watch out for news from OPEC+ The pattern in the circle may be the beginning of a flag or a pennant. Following the divergence with sentiment (RSI) between S2, S3 and S4, price started a pullback above Saudi-Russia Oil Price War levels of 43.830 where it formed the pattern inside the circle. So far the pullback is made of an impulse(1), a...
Consolidated into triangle in August/September, which has broken down. Failed to get a golden cross. Possible run towards 26-28 area which is major area $USO $XLE $XOM $CVX $XOP $GUSH $DRIP $SPY #Oil #CrudeOil #OOTT 🛢️
Oil peaked up past the 41.29 level for a brief moment, before returning back to the range it has been holding all week. Oil has been making higher highs and lower lows, a tell-tale sign of a bull rally. Also the Kovach OBV has been quite bullish. However, it is having trouble breaking higher levels. the 41.69 proved quite difficult and it got smacked down from...
Remaining bearish from the mid 40s to the low 43s as stated in the last few weeks. Well done to all that took this trade short this week and remained true to the uncertainty of this (fundamentally dead) industry (shale, WTI). #OOTT
Oil broke down from our bull wedge pattern. This is fairly common, and these days bull wedge patterns are only slightly more probable to break to the upside than the downside, especially with something so precarious as oil. It dropped the full extent of the Fibonacci retracement levels, finally catching support at $38.89. It appears we are forming a small bear...
Oil is still holding a 200 tick range. The lows are picking up which suggests it may be forming a bull wedge pattern. The Kovach OBV is gradually picking up suggesting that this could make a great breakout trade. 40.87 is the level to watch for a breakout. There are a few levels to watch after that, which will provide resistance. But mainly the relative high...
After plummeting about $7, oil is maintaining the range along with other assets as it finds footing in this new territory. We have very good alignment between our Fibonacci levels and other technical levels. We can therefore be confident in the areas of strong support and resistance. Currently, oil is stuck between $36.18, the lower anchor of the Fibonacci...
Oil is forming an inverse head and shoulders, after a huge selloff which finally broke the range it had been establishing over the past week. That range was unusually low for oil and we anticipated a breakout at some point regardless. In a previous briefing we alerted you as to the psychologically significant $40 level. The head of this this inverse H&S came...