At these level, its more profitable being short on USOIL than long with a stop loss set....
On my previous post about 9 days ago I set down target for oil at about 18-25. It got to 27.53 then we had a nice bounce up. To me the form of the upswing looks like a 5 wave up pattern. This action could just be part of a 3 wave down triangle that is still developing and might take oil up to about 36. But it could be the first indication that the longer term...
INSIDE DAY INTO TIME.... FORMED A BEARISH REVERSAL....CAUTION AT THE BOX.... MANAGEMENT MODE
USO making quite a nice AB=CD pattern. Maybe a retracement to 9.15 at 0.618 Fibo's level.
$CL_F Probabilities of Price.....Laying out a Premise and waiting for "Price Action" to speak.
Very close to "CONFLUENCE".....STALKING THE SWING....
A couple of days ago I suggested that the recent upswing in oil may be short lived and I closed my long position. We did get a correction today. Looking at the weekly longer term log chart I believe most like we will see a lower low ahead. This is based on the two channels I have drawn and the ares of longer term support. My opinion would change if the steeper...
A strong dollar and a low price of oil have both negative consequences to U.S. equities. Last time we saw the two moving in such divergence was back in 2008! And you know what happened back there. We have now lost only 15%, and I think we are roughly at half of correction.
Basic TA $GS keep it simple Gap Down Break out of triangle in to Rectangle Supports Mapped Out along with Trendlines The Market is Fluid Right now i see it going lower or sideways Only Time will tell. ;)
Short term bounce........Watch Price Action at levels for" Trigger Entry"
I closed my long position just now as I am expecting there will likely be at least a short term pull back from here. We are at the center line of the down channel and have strong negative reversal in the 2 hour rsi. The real question is will the recent bottom hold. Take care. Have a great weekend. Goodguy.
POTENTIAL TRADE SETUP...PRICE :26.06-24.20 ...CONFLUENCE OF FACTORS
Having waited a long time for West Texas Intermediate to hit 2009 levels, I figured I'd put my money where my mouth was and go long USO when it did. I filled this one earlier today: Bought 100 Shares USO @ 10.05 Sold 1 Feb 19th 11 Call Total Package: 9.69 debit Max Profit: $131 (if called away at 11) You could probably get a slightly better fill than I did, as...
Madness..... oil holding on to $30 right now. Make or break here, with tight stops.
If oil can hold the 32.50 level (Huge support since 2002) then I think oil can rally. I'll wait and see though. no position other than 10 strike 2017 leap puts on $USO and 13 strike 2017 leap calls on $USO. Ryan
$HOG looks a little under the weather, could be time for a tune up markets looking to go lower and $HOG seems to want to follow them, Time for your oil change Shorts in favor the market is fluid. Could Spike due to low gas prices but i see it going lower in the overall long term.
There is a long setup in 15 min chart in SPY! Bull flag + cup & handle. * I prefer to go long crude with stop below $33*