LAYING OUT THE PROBABLE PATHS OF PRICE $26.06 -23.80 AT SUPPORT...WEEKLY CLOSES ARE SHOWING BUY TAILS. LOWER TARGETS ARE STILL POSSIBLE 35% CHANCE PRICE ACTION WILL CONFIRM ITS PATH.
Breakout off short-term resistance at 35$, and a more significant breakout off the June 2014 downtrend line, is positioning WTI Crude Oil Futures for a great long opportunity. Buying this breakout, targeting the next visible resistance target (Yearly Pivot and 50-week MA, also overlapping with the 200-day MA), and placing stops below the downtrend line, makes...
You got to love Mr. OIL - It's moves are not that enigmatic come to think of it - play safe haven if you will. Up to 35.21 and then south
Time Window is there.....pullback or melt up to the Harmonic Levels...... Inside Day today possible forming.
USO is right at its 50MA and previous resistance. While the longer time frames indicate oil wants to go higher, I see risk off until confirmation
USO on the verge of making a breakout move, again... Which way will it goe
Oil is bearish. A text book trade. Congratulations if you are following the trend. Don't think for a second that it has bottomed yet. Before entering in any trade, watch tomorrow's oil inventories.
ODDS FAVOR A BOUNCE...POSSIBLE RETEST OF THE LOW OR FALSE BREAK DEEPER INTO THAT AREA.
USO potential $9 breakout in progress with $11 max at top of resistance line
Truth be told, things like calendars and diagonals are best suited for a low volatility environment, but I'm looking for a bullish assumption setup in oil that offers me some flexibility over a larger time frame than, for example, a 45 DTE credit spread would (which is generally just a "one and done" kind of thing). As an alternative to a covered call, I'm going...
A BREAK ABOVE CAN LEAD TO TARGETS OF $45-$48 IF NOT HIGHER OR ANOTHER NEW LOW TO $18-16
The price action makes the most sense.
LEFT CHART Oil: I expect oil to hit the top of longterm channel (orange line) where it will likely be rejected softly, then break it again and retest... at about that point the 20DMA may cross the 50DMA which will cause a strong surge (like the past gold rush)... my PT 36,09 but could be higher. MIDDLE CHART Gold: Looking for a possible H&S here, with a breach...
Basic TA Inverted Hammer in a downtrend approaching 200sma Falling Wedge supports mapped out remember the market is fluid :)
USO trended within a 12 dollar channel from 2009 to 2014. It could be finding a bottom at the crux of the triangle down, break out and begin trending in a new channel. Perhaps using resistance of the 62% fib line.
WEEKLY PERSPECTIVE.... 26.06 - 23.80 MIGHT CAUSE A REACTION.....LOWER TARGETS OF COMPLETION ARE STILL IN "TIME" $CL_F $USO $DWTI $UWTI $OIL $XLE $DTO $UCO $CVX $XOM $HAL $EXXI $SCO $ETE $XOP