Early May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.
Going long USOIL. if not right now, very soon. Already past the 38.2% retrace, headed for support at the 50sma and $34.43. RSI and %R are very oversold and ready to move higher. Last times they moved pretty good. TSI starting to turn?
US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday.
On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is...
Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003.
On Technical charts, Major trend of crude oil is strongly bearish...
Crude oil is making new grounds with it soon to
come with its reverse pull back, same thing
happened in 2009 although there is a possibility
that crude can slide to support at 40$. either
way i will be easing my way into a positions
using the ETF UWTI which is priced very cheaply
at 3$ a share. also a big shout out to @Ricker for showing me UWTI
Predictive/forecasting model suggests a limited upside with a potential retracement target and cap as follows:
1 - TG-Hi = 56.79 - 04 FEB 2015, representing a low-probability, high-reversibility target
2 - 60.75 -- 04 FEB 2015, representing a "terminal velocity" capping value.
The taut value in RSI at 4.8489 corresponded to the recent nadir in...