Oil has moved up into a very balanced distribution and is now looking to resolve one way or the other. This 45 tick range will most likely not contain oil prices today and will provide a good breaking trade opportunity. will watch for a impulsive move and trade the follow up to that break with trail stop tightening near marked targets.
Oil is still in no man's land, seems to be forming a descending triangle, I see three possible scenarios. At this point oil is best day traded as there seems to be indecision on where this market is headed.
I posted recently the neck was broken on oil. The bears made out big! Now Bulls it looks like it is your turn. Volatility. I see $57-$58 for the bull run let's see! See my posts below to see the current Geometrical Frequency of Oil.
Oil chart doesnt look good for bulls at all, if it closes below 51 (which seems to be the "demand" line) we might see a massive sell off to last year's lows. However, seasonally oil rallies in August 70% of the time (long August 7th to 27th)
It's in "no mans land here" basically with the conflicting signals , probably safer to just daytrade it until we get a...
It appears the underlying fundamentals have hit equilibrium. The supply/demand imbalance continues to get worse as more countries post econ data supporting slowing trade. My favorite number so far this week is from Korea. The 11th largest economy in the world reported a 10% decline in exports from the previous year. Here in the US we are expecting inventories to...