Possible Oil H&S Neckline will be at 50.50 Projection till 48.70
I say, trends in silly moneymaking funds like USO and UCO, UWTI, etc are a great way to get rich, but as my great grandfather said and his great grandfather before him, "Always know where $50 is." This chart is meant to show you exactly that in relation to USO. Why does USO do this funny little contango dance around oil? Why, that's for another post my boy!
Simple, cos today we have seen the biggest distribution ever. This candle says...Reversal
IF and big IF we enter a bear cycle, with any kind of credit event and or higher protectionism. Oil could fall till 13 USD. Today oil spike is a bulltrap to distribute. Honestly oil price should be in range between 25-35 for the next decade.
In the context of Crude oil decline below 45, we are looking to long SCO. SEC looks breaking up a downward channel & money-flow in increasing. We are looking to long if breaks above 91.73 You can check our detailed analysis on SCO in the trading room/ Executive summery link here- www.screencast.com Time Span: 29:00” Trade Suggestion Date: 5th Jul
Appears crude is on track for 39 - Not so fast my friend. In long with 1/4 41.62 - let the good times roll.
Potential double top reversal. Leaning bearish given some signs. 1. Bearish Divergence in 4HR MACD 2. Failure to reclaim March Bull Channel. 3. DXY trading in tight range in a downward wedge that may present a potential breakout putting downward pressure on commodities
After the shooting star and the long red candle, we have this h&sh coming up. But there is always a possibility that it's a trap.
Ok let me tell you what I analyze : whats happening right now with crude oil is , people are buying thinking that 1- Price is too low, (as they have not seen this price in last 3-4 years) 2- some advance traders thinking that , other people will short cover tomorrow , which will take price high But whats happening for real is, OPEC is the one ,because of whom...
Oil showing divergences on the 3.10 oscillator, on its lowest lowest, perhaps a reversal here.