Just a thought, same scenario as Whiting Petroleum after Chap 11 was announced. I remember b c I traded WLL many times from .32c-$3 B4 finally the shares were reissued and investors got F**ked.
Where's all my Whiting bulls at? I know you guys made me famous on TV & now you bull r thinking Im all bearish en shit. But I say no I'm just waiting for this bottom TL on my triangle to be tested. I have had much luck with my wll triangles in the past. I mean when I set a bid on that Triangle BTL it has been filled 100% of the time and then WLL kabooms back over...
Looks eerily similar to WLL, just bulls have been trying to send the price up, which I noted on the chart under the RSI comment. I think WTI is heading back to $20 Fam, maybe not in a straight line but I think the WTI price is showing weakness and all the shale Companies are showing signs of that weakness
I am loving this chart here guys, I did a fractal from 9/2017 support up to resistance on June 2018. This channel has been established since 2016 and if my chart is correct WLL
should make a run to re-enter the channel. Even if WLL fails to get back into the channel the upside is massive and there is almost 0 risk. If the oil market does in fact turn down towards...
Zoomed in on WLL we can see that downside risk is very limited and upside potential is epic.
The 200 EMA 4 hour is at $4.34
200 EMA D1 is at $8.55
Price gaps from $28-$26
Price Gap from $26-$24
Price Gap from $14.67-$13.56
52 week high $31
Oil storage facilities will at full capacity by June if OPEC doesn't make supply cuts.
Descending Triangle top line being...
Oil fell to a 4-year low as Saudi Arabia launched a price war on Saturday with the announcement of plans to increase oil output next month, looking to boost total output above 10 million barrels a day. This will be the largest reduction seen in oil price for foreign markets in 20 years.
www.bloomberg.com
This comes as China, the #1 importer of foreign oil,...
