This is will not distract the previous idea (SHORT USOIL).. this idea can be long for short period but it is risky to wait Cypher pattern to complete. Then sell again.
Just wait till break the down trend line.
If you look to the middle east situations (the war in Syria and Iran nuclear deal) you will think the Oi price could be reach to $100 ... but the technical analysis in our chart showing this pattern has been completed and the price may go down again... this is at the weekly chart thats mean should take some time to reach the target... ($76 kill this pattern)
With WTIC moving higher the OIL sector stocks are finally starting to react. GUSH and ERX both looks promising here. GUSH had a big day up over 10%. ERX I am looking to go long with a move over the 50sma. Tomorrow may be a buy.
Going long on USOIL by using GUSH. USOIL just completed a 3 drive to a bottom pattern. We can expect a turn here. Panic selling this morning is tough to go long into but the rewards should be there. Set a stop just below $43.
Current algo targets (red circles) Crude algo intra work sheet 645 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo Considering the fact that a recent time / price cycle has expired algo targets are considered "soft" - waiting on confirmation. twitter.com www.compoundtrading.com
The relief rally across risk assets is welcomed. Yes, welcomed. The greatest thing about rallies such as this, is that they help alieviate technically oversold (or overbought - check out our gold call!) conditions. Crude oil is no different.
From a technical standpoint, crude fell over 15 percent in short order since we pointed out the strong supply zone on...