XOI oil index vs Nasdaq. Most hated vs Most loved (seems tide is turning for both) Weekly RSI on this ratio unheard of 9 in April 2020. I will always remember the great Kennedy Gammage of the Richland Report talk about the cyclical shift between paper assets and hard assets. That was in the 1998-2000 time frame when Gas was a $ at the pump and gold was selling...
Double Bottom, Neckline retest. RSI Support. BACA 1050, on SHS failure validation.
good a spot as any for an entry into oil/gas stocks, maybe the us dollar going to dump? Eurozone doesn't like higher Euro either just as usa hates high dollar for debt repayment....New i phone but who can afford ???
This is a follow up from my April post. (see link below if interested). The target I had has been hit. We had a reversal candle today so far. So check after the close. The low recently touched but did not go below the level "a or 1"(754) . If it does near term it would likely indicate that all this the up action is a correction. If it does not and price goes above...
In the last few weeks the OIL and Gas Index has risen even though crude dropped again despite the agreement of major producers to soon start cutting production by 10%. The gain Friday is encouraging that the rise has further to go. If this is just part of a upward correction a likely target is given. If it quickly starts down again to complete a downward...
IF this count is correct we could be at a temporary or even possibly a long term bottom. I have two "B " , if the 2nd one (B?) is the correct one then may have more drop to the .84 retreat. Must watch the price action the next couple of weeks for comfirmation. Process you way. Have a great week.
If valid, PO at 1300 area, 11% lower $CL_F, $NG_F, $UNG, $USOIL
5 wave expanding Wedge at Support. 5-0. Trend line Support.
Oil has an oversupply problem so it may not go up as much as some of the other commodities, but it should still go up because USD will go down more.
One can easily see the triple mountain peak that occurs in november and decemeber and it seems to me that we are in the process of forming another. Look for a notable drop in the circled area.
Using this crude index chart to forecast one possible scenario in crude. A confirmed double bottom has formed and retrace in crude is taking place now. Crude may retrace to 40.60 a barrel before the next bull wave. This wave will break the downtrend line and confirm the IHS taking shape now. It may be followed by one last bear raid before the final bull push to...
Hi All, I was asked to provide you with some information regarding the affects of Commodity and Currency Correlation. Please read the chart notes so you can create and review and currency vs any commodity your self. You can compare and symbol/instrument. Predicting the next move in the markets is the key to making money in trading, but putting this simple...
Elliott waves can be an art form as much as a technical tool. On this oil trade, I'm not sure what the larger degree waves are. I can see motive waves down and I can see the possibility of a diagonal. A diagonal is a motive/corrective hyrbid that subdivides into three waves instead of five. Perhaps its just a large zig-zag. But regardless, the correction on...
I am paying close attention to this index. If price breaks the kumo (depending on what happens with the break and where price is related towards a resistance area) then this index may gain some momentum towards a medium term support.
Symmetrical Triangle brake_out, measured target may have been reached, in the short term. 'Irregular' Wolfe Waves 5 crosses. Large ABC wave. 1-4 Line support. Bullish Hammer rejection on 2012 Uptrend_line, 61.8% retracement, horizontal support (2013). RSI Oversold. potential AB=CD. Target_1 : 1542
ofc this prediction can fail since D is not complete but I expect to happen something like that