Crude oil (CL) is in a 15 year old declining wedge / pennant approaching top trend. Will it break out above this time or make another trip down to bottom trend first?
$XLE perfect backtest of breakout from symmetrical triangle. I love trading this type of backtest because RR is favorable and downside risk well defined $WTI $XOP $CL $USO #oil
Significant breakout in #oil today. Price broke through horizontal resistance & falling TL resistance in play all year. Nice follow through in $XLE as well. I'm targeting a push to $63 (Sept 19 high, June 18 low) $WTI $CL
The $61 level has been really important for #oil this year. Price is retesting now, along with falling resistance from the Apr and Sept peaks, and resistance from the rising channel begun in late Sept. $USO $WTI $CL $XOP $XLE
How much higher will we go? Price has printed a rising wedge pattern indicating exhaustion in the market. We will be waiting for a break of trend with corrective structure to the downside.
I enjoy trading DRIP and I believe long term, oil is worth less than today. ESG is a movement that will continue, especially when it comes to China and India's eventual and inevitable higher participating in the space. Day trade DRIP, but do not hold. The issue arises from the cost to roll the futures and the cost to leverage the future or ETF into a swap that...
HIGH RANK/IMPLIED EARNINGS: UBER (--/74):* Monday, After Market Close. BIDU (59/42): Wednesday, After Market Close. ROKU (72/85): Wednesday, After Market Close. The Plain Jane ROKU December 20th 120/190 short strangle camped out at the 20 delta pays 8.55, but there is some call side skew there that you may want to accommodate in some fashion, for example, via...
Oil is having a strong up move taking us to a higher distribution and if we remain above the Red zone top I think we could get to 55.30. In the event we move back inside the red zone very likely chop. Move below red bottom only think we get to first lower blue target. Trade I like is a test of Red top for a long!
Crude Oil has found a support on the Equilibrium Zone of the Trading Range, again. This accumulation in the upper range seems like it will coming to an end. On the other hand, it needs to reclaim the Pivot first and then the Range High. Entry: 54.6 SL: 49.9 TP-1: 62.4 TP-2: 66.4 TP-3: 72.4 TP-4: 81.4 R/R: 5.7 Please let me know if you have any suggestions or...
Today due to oil inventor report at 10:30 and interest rate announcement at 2:00 the red zone will be larger, And this also makes since seeing that after RTH session yesterday we forma big balance zone. I will be careful today but until we clear this zone will be looking for trades back and forth inside the red zone.
we are moving in a downward direction and could see this continue to at least 54.25 area. I would like to see a bounce up to short but will see how we act around the red zone. a move back above 55.60 should take us back into the upper distribution and have us enter chop around 56
The current move is long in a balancing consolidation and will need to move above the red zone for further up move . If we can not get back above I will be looking for oil to consolidate and then test lower prices again, and as a guess only I thin the 56 area could be oils happy area for a while.
Oil is trading in a consolidation at the top of this current range and looks like it wants to go higher. Will look long up to the 57 area on any action showing long prints
Oil on a strong move as mentioned one should be coming and now doing a formation of a flag that could provide a further move higher. Inside the red zone are 2 of our prior support and resistance lines(blue) and figured i would leave them on the chart today. I will be looking for a pull back down that I will be watching to see if it holds so I can get long,...
expect oil will be in UP trend
lets see if WTIUSD hits low to mid $30s; then time to long
$uso $uwt $dwt $usoil Potential descending triangle on OIL. Correction to the 30's? Massive bull run and breakout above? I think we'll see oil hit 64-65 before correction next few months and landing sub 40. How low that goes is not important.. This pattern should be concerning.. If oil ultimately breaks above (hmm, what would cause that), it's going to come at a...