currently, my puts are active and im bullish on oil... Drip is showing a bearish head and shoulders and has rejected B leg of the bullish cypher 2x now.
See my oil Elliot Wave chart, in which I have a $95 target
$DRIP and $CVX i have been watching and trading since last year also few other oil and energy companies! Im testing this years forecast i know it will drop but i am waiting for the earnings call. This will be a great catch!
bearish abc pattern from the 4th elliott wave. leading into a bearish abcd pattern. oil will take off again . long energy, natural gas stocks. I like xle
Thesis
Crossed baseline recently, CLAMP is yellow (positive), correlation agrees.
Discovery
After entering a trade with BTB, I saw it correlated negatively to XOP, the oil and gas exploration etf. DRIP is a leveraged play on this symbol.
Correlation
+: BTB, XAGUSD, VIX
-: RUBUSD, XOP, UUUU
Because we entered this symbol due to XOP correlation from BTB,...
a deeper look at the chart on a lower time frame. hope it works out... globe is too broke to handle higher prices and not ready to break from SWIFT so the US wins for now i'm rooting for us
oil majors will hold back new exploration and production. majors like BP turned on mega fields while prices to buy everything was cheap. they will pump their stocks now and hold back on new exploration and production and curtail current supply as required until 2024 to 2025
an exodus in energy that has been expected as the price of oil could drop significantly may express itself as a short squeeze in DRIP. if we find a weekly higher low i would imagine holding the pivot price and aiming for upper horizontals is logical. if we fall beneath that pivot as resist areas above where a higher low could be set (the 62% retracement area) i...
I have entered a leveraged (2X) short in #oil, via Direxion's Inverse $DRIP ETF.
NOTE: This post shows "LONG" because I have BOUGHT $DRIP; #Oil, as the asset class - I am viewing as a SHORT.
Not much else to say, other than the #oil #selloff is underway after forming what I see as a double top (see WTICOUSD) and a good risk/reward entry to short.
I will...
UCO is making lows in hourly chart, is very likely to close lower, same for OIL futures, I think DRIP might close higher this week. Am going to enter buying portions. I think DRIP will try to test the quarter open, I will have to keep an eye on where OIL futures might try to retrace and extend again.
With the top players nearing at or around top consolidation ranges and DRIP hanging as the low fruit bear index it's almost, ALMOST, too easy. Exit target from 16-22. Pay no attention to the 40 mark. I mean it's clearly a visual point of resistance but with all the splits I don't think the volume could ever get there. But if it's a winner I say let it run.
Just an idea for possible long positions on AMEX:DRIP for a long-term swing. There's room for more downside, possibly to the next leg of support, as I've added by the pitchfork trendline entries.
As we've not seen an actual bottom yet, it's all speculation at this point, but oil (for vehicles and shipping) is slowly being pushed to the margins; and with an...
DRIP Long🚀📊
It is not financial advice. This is my opinion. Please check yourselves and invest in the symbols in which you think have a huge opportunity to reach the best results.
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Good Luck 👍
