$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...
$UWT looking like a double bottom for the crude oil futures. Hoping to see a big bounce next week.
Double bottom: A decrease of 10-20% from the top to the bottom and the second bottom occurs within 3-4% from the first bottom. RSI is also low and MACD looks to be trending up.
We have a couple big events and meetings happening this month. Oil is likely going to return to neutral before its next move.
Short term bullish pump into Catalytic events
G20 June 28th through 29, 2019 Osaka, Japan
OPEC Meeting June 26, 2019
I would love to ramble about geopolitics, but that aside, the real deal I see is bear overreacting party here.
Elliott wave approach:
ABC corrective wave is completed. It's time for a bull run.
Trend line approach:
3 times tested channels is having a fourth try.
Daily Exponential Moving Average +SMA 50/100/200 are showing 4 supports and 2 resistances.
I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"
DXY weekly, possible head and shoulders. FOMC Tomorrow will send it lower? Powell said 2 raises this year from previous 4. I think they keep dovish tone, until economic data is better. Consumer sentiment was 120, compared to 124. Oil looks really good, gold has quite a run already. I am in 1/3 pos $UWT and $Nugt. Sanctions against Venezuela could be bullish for...
The Major Pivot Stack that was in place last week has turned into an Almost Super Pivot Stack.
With the expected price breakout now underway, look to get long on a limit order, preferably around 13.53.
If the market opens relatively unchanged you could enter at market on open.
Once in the market, place the stop loss at 9.62 at the bottom of the Stack and a...