Revising my $69-70 target down to $65-66. My Original idea from July 17 - was Crude would reach 69-70 by late Spring early Summer.
With the strong move to the upside, I am betting that we are starting a new auction between 78 and the 71 levels. So with an Implied volatility Rank of 37, I sold a Strangle at the 30 deltas for a $1.36 credit. As long as the price stays between $78.35 and $71.65, we will be making money. The Trade: Short 73 Puts Short 77 Calls Credit $1.36 per contract 58%...
Long term bear flag but it should rally til Q2 or end of 2018 before heading down. Some other energy names that I longed already broken out to the upside. Energy stocks are going to outperform oil in 2018.
Look for break lower. $XLE demonstrating similar bearish formations.
$XLE still has some work cut out before becoming bullish. $CVX $XOM $OXY $SLB
XLE to XLF has done a 78.6% retrace, should at least outperform over the next few years here.
XLE to XLV is at historic lows and likely outperforms going forward.
Oil is trading inside a weekly trading channel. The price is testing the bottom of the channel and a weekly uptrend line. The price was rejected by a weekly downtrend line Bearish Scenario - In case of a bearish breakdown, Oil can reach to the 61.8 Fib level to complete a bullish AB=CD pattern Bullish Scenario - In case of a bullish breakout, Oil will probably...