Trade on S&P ETF for US Crude Opened the LNG in OCT as price was testing the HLof the Longterm (M) Uptrend. My STP-Loss was below the red line around 70 Price rallied for 11 weeks till it reached Resistance (top red line) I closed 1/2 the LNG to take in Profit & control Greed. Today as price broke the 102 Mark. I closed the other 1/2 of LNG
Watching XOP here for a breakout of the box. Nice volume pocket above with continuation of the follow through AVWAP. Blocks and Sweepers on the tape today over $1M in premium OCT and DEC opex.
Looks like the bottom is in. The orange trendline on the left seems to be broken and price went to $100, which is a key support/resistance and was rejected there. I expect the price to climb to $140 which could be the end of wave 5. On it's way up there price needs to break and stay above the 200 MA (Red MA on the chart). Blue lines on the chart are key price...
Idea for XOP: - The reflation trade is dead - just a reminder: - We saw big tech earnings in a (growth) deflationary environment: - Now it's Big Oil earnings time. GLHF - DPT
Resistance ~99 and 200ema holding. Possible 5-wave structure ended w/ divergence. Peak $CL_F seasonality passed too $DRIP $GUSH $XOM $CVX $XLE $CL_F $USO $SCO $NG_F $UNG #ElliottWave #CrudeOil #OOTT 🛢️
I think putting it in within such a 'channel', make sense. (It trades along with this "trend" (line, on top, since 2020), which is has never succeeded to break, yet). Expect it to follow this pattern in future (copy/paste the trend line). Follow the long averages. (The bottom of channel is "bottom" of 2020 crash; and end of the initial "reflation trade" rally)....
RIG will test 7-8$, imho, when these two lines colide, in like september or october. (It's current trend). Expect some head wind in short term from slower global recovery (variant). It would be hard for XLE to return to where it came from; so that's extremely bullish . No crap head lines can't change fact that there was underinvestment into oil exploration; thus...
AMEX:XOP Possible Scenario: SHORT Evidence: Price Action TP1: 95.5$ TP2: 91.30$ PUT options, Strike 92$, 07/16/21 *This is my idea and could be wrong 100%
ascending triangle; needs to beat 4.20; 4.50; 5.20 (2019 levels).
The Wave 3 we called for certainly did begin earlier this year and it looks like we're in the last push higher 📈 ... $XLE following $DRIP $GUSH $XOM $CVX $CL_F $USO $NG_F $UNG $BOIL #Trading #ElliottWave #CrudeOil #OOTT 🛢️
Technical Short-term Analysis We have a new potential uptrend line drawn in the chart. RSI is showing some divergence as it has reached the level from the beginning of February. However; I would take this divergence with a grain of salt, as it did reach Overbought levels and did not break the 40 level on the RSI (typical bullish behavior). OBV has a clear...
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Here is a logical place for the run in oil and gas companies to find some resistance. These stocks have shown some really great relative strength, but maybe it's time for a pause. I don't think a short is advisable, but I'd be cautious adding any longs here and it would probably be a good time to take some profits from existing positions. Top components of XOP...
In this video, I want to show you how the XLE is behaving in a multi year trend and what I expect in the next few weeks. Disclosure: These are my opinions and should not be taken as investment advice. I only draw lines on charts.
Moving averages and volume in and of themselves can tell an interesting story. Is a Wave 3 under way in a new bull? $DRIP $GUSH $XLE $CL_F $USO $NG_F $UNG $BOIL #Trading #ElliottWave #CrudeOil #OOTT 🛢️
Obviously my previous predictions on Oil were wrong, however, it is hard to forecast a vicious virus from the far East. Now, the doomsdayers are back, touting their long bond positions with gold, saying "I told you so." Those positions have worked, and oil has tanked. To be clear, I don't dislike bonds or gold here, but Oil is ripe for a rebound. We are deeply...