smitheric1970

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Markets Allocation
98 % commodities 2 % other
Top Mentioned Symbols
CL1! 60% | 32 CLM 5% | 3 GC1! 3% | 2 CLN 3% | 2
smitheric1970 smitheric1970 PRO CL1!, 240, Long ,
CL1!: Long Oil
2153 130 24
CL1!, 240 Long
Long Oil

As Oil is breaking into higher territory, I have gone to an older monthly range as outlined in my 'Oil - Bullish to 68.X ?' chart; this chart will serve to update my daily view. These daily ranges are clones, which are quartered; I have found that these clones of a 45.62-50.27 range that I've published a few times to remain significant; so I look at high volume ...

smitheric1970 smitheric1970 PRO CL1!, D, Long ,
CL1!: Oil Bullish to 68.X  ?
252 13 7
CL1!, D Long
Oil Bullish to 68.X ?

This is an observation only chart, showing a monthly range that I'm looking at, and how I view the monthly/daily inflections/Signs of Strenfth on smaller timeframes. Note: I am currently long, added on yesterday's close and I do believe that current prices are currently at good 'buy' level (59.61-59.77) for a long play of 400-800 ticks targeting 64.6-68.9; if ...

smitheric1970 smitheric1970 PRO CL1!, D, Short ,
CL1!: Oil Long - Top Of Daily Range
889 14 23
CL1!, D Short
Oil Long - Top Of Daily Range

I am looking for oil's 2014 weekly inflection of 56.52 to hold as support. Daily range: 55.12-59.87; details on chart. Entry 56.52-56.9 zone Target 59.26-59.87 SL 56.29

smitheric1970 smitheric1970 PRO CLX2017, D, Short ,
CLX2017: Oil - Short back to 46
424 5 17
CLX2017, D Short
Oil - Short back to 46

Please refer to my "Oil - Possible Sideways Range" chart as I believe that although prices have breached the top, that we may see another run back near the bottom of the range. 48-48.6 level may initially see strength but if the next couple of EIA reports are bearish I believe that the glut madness will recycle in the coming months and that our current 50.X ...

smitheric1970 smitheric1970 PRO CL1!, D, Short ,
CL1!: Oil Short - Is 2018 the year of 38-48 Oil?  Thank you Mr. Musk..
776 8 16
CL1!, D Short
Oil Short - Is 2018 the year of 38-48 Oil? Thank you Mr. Musk..

If you view my last published chart you can get a fairly clear view of the sideways consolidation that I'm expecting to continue in the coming weeks, in a 45.6-50.4 range, the main trading meat being 46.81-49.18. This range is based on major Supply and Demand (2009 Rally) levels during what I consider Fair Value oil prior to the US initiating QE following the ...

smitheric1970 smitheric1970 PRO CL1!, 240,
CL1!: Oil - Possible Sideways Range
2235 18 34
CL1!, 240
Oil - Possible Sideways Range

Following an extreme drop from the 53 level and clear demand in the 43-46 area, along with a weakening DX yet likely rate hikes later this year, ongoing oversupply, yet continued promises form OPEC to meet the agreed upon cuts, I just do not see a catalyst midterm for a break up or down form the current range. 45.62-50.37 is a range created in '09, a swap zone ...

smitheric1970 smitheric1970 PRO GCV2017, D, Short ,
GCV2017: Gold Short CLV7
216 4 9
GCV2017, D Short
Gold Short CLV7

Between a weakening DX and the potential for a couple more rate hikes this year I am looking for one last push in Gold prior to a larger move down. Keep in mind this is an October contract GCV7 chart as this overall play may push into the next couple of months to play out. Enter Short: 1267-1270.7 SL: 1276.5 TP1: 1245.2 TP2: 1232.8 TP3: 1219.8 If playing ...

smitheric1970 smitheric1970 PRO CLU2017, 240, Long ,
CLU2017: Long Oil - 47.4 Touch, Peek, Break
768 17 30
CLU2017, 240 Long
Long Oil - 47.4 Touch, Peek, Break

I want to say first that this is a risky entry; with oversupply and OPEC possibly disagreeing on continuing/extending/deepening cuts at next week's meeting Monday, we could see prices tumble into the 40.3-41.4 level; however, I think we may be in for some mid term boring 45-48 sideways price action for a while before any larger movements and that prices will take ...

smitheric1970 smitheric1970 PRO CLN2017, D, Long ,
CLN2017: Oil Long - Post OPEC Groin Kick
953 6 28
CLN2017, D Long
Oil Long - Post OPEC Groin Kick

In a previous chart 'OIl Rangebound - 45.62-50.37' I targeted a 50.4 upside and assumed that prices may stay ranged in that overall zone; but prices broke above; so my next 'Kitchen Sink' chart looked at 50.4 as a buy level; but prices broke hard back down below. So... I do not think that the upside was a false upthrust, I believe that prices are pivoting the ...

smitheric1970 smitheric1970 PRO CLN2017, D, Long ,
CLN2017: Oil Long - Kitchen Sink Chart
852 23 21
CLN2017, D Long
Oil Long - Kitchen Sink Chart

I apologize for the messy chart; I'd prefer to publish a cleaner view but have a busy weekend so you'll get a glimpse inside my crazy charting mind with all of my notes... So, just zoom in to the TP area of the charity you're not interested in the rest! A couple of weeks ago I'd anticipated prices staying contained in the 45.6-50.4 daily trading range but last ...

smitheric1970 smitheric1970 PRO CL1!, 240, Long ,
CL1!: Oil - Rangebound 45.62-50.37
1239 18 28
CL1!, 240 Long
Oil - Rangebound 45.62-50.37

Oil has seen a weekly/daily range in place in 2008 and again created in 2015 that has repeated; between the now continued oversupply vs geopolitics; I believe we may see oil rangebound in this 45.62-50.37 zone; Entry Buy/Long: 45.62-46 SL: 44.8 TP1: 46.81 TP2: 48.00 TP3: 49.18 TP4 50.07 As per the norm, I will be taking partial profits at each Target Price ...

smitheric1970 smitheric1970 PRO CLM2017, D, Short ,
CLM2017: Support Chart for 'Oil - Further Breakdown'
369 5 10
CLM2017, D Short
Support Chart for 'Oil - Further Breakdown'

I wanted to provide a dynamic support chart for my 'Oil - Further Breakdown Chart' as I am still looking for target level 3 on that chart at 45.99; and for new possible short entries. May 2 created a new daily price inflection at 48.08; that level and the most recent Demand Line have been crossed and closed below on the daily timeframe. I am now looking at ...

smitheric1970 smitheric1970 PRO CLM2017, D, Short ,
CLM2017: Oil - Further Breakdown?
1275 12 31
CLM2017, D Short
Oil - Further Breakdown?

Oil has been on a rampage the past 6 weeks. I believe that we will see oil prices continue to consolidate in the 2015 weekly range of 44.8-54. Due to a significant volume drop below the 50.49 July 21, 2016 breakdown bar, I believe it will hold as resistance and repeat that July drop circled in yellow, reaching deeper for the 45.99 daily demand level. I will ...

smitheric1970 smitheric1970 PRO CLM2017, D, Short ,
CLM2017: Oil - Swap Zone Consolidation?
483 5 19
CLM2017, D Short
Oil - Swap Zone Consolidation?

Note: With rollover in the coming days, this is an M/June chart: Oil has seen quite the run over the past 2 weeks on report draws, Lybia fundamentals and geopolitical tensions with Syria - and with North Koreas news in the mix the Keynesian correlations are heating up. With a supply level being created at the previous Demand level 53.79/53.80 on the M/June ...

smitheric1970 smitheric1970 PRO CLK2017, D, Short ,
CLK2017: Oil - Back to Supply
453 9 16
CLK2017, D Short
Oil - Back to Supply

In my 'Oil Meltdown - What Now?" chart, Prices reach their first Target Price but have rallied back to the original Supply level where I expect the selling to again occur. That analysis was on a continuous chart and the entry and bottom target is lined up with this K (May) chart view. With the DX relatively flat this price drop would require a couple weeks of ...

smitheric1970 smitheric1970 PRO CLK2017, D, Short ,
CLK2017: Oil - Still Seeking a Bottom?
674 5 25
CLK2017, D Short
Oil - Still Seeking a Bottom?

My 'Oil Meltdown - What Now?' chart is active and still waiting on prices to reach its second target price but for those of you looking for a new entry or to add positions; I have closed out my front month J short contracts and will open/sell short K (May) futures contracts on Sunday/Monday; Prices are currently sandwiched between 2 daily demand exchanges and I am ...

smitheric1970 smitheric1970 PRO CL1!, D, Long ,
CL1!: Oil - Demand
600 0 17
CL1!, D Long
Oil - Demand

i have been looking for oil prices in the short term to bottom at the 45.6-46.1 level; This chart is meant to provide Target Prices for my 'Oil Channel - If It's Not Broke...' chart; please refer to that chart for more information on my overall view as this chart is intended only as a support chart for price targets. I will buy/open long positions at 46.10 and ...

smitheric1970 smitheric1970 PRO CL1!, D, Short ,
CL1!: Oil Meltdown - What Now?
1555 30 36
CL1!, D Short
Oil Meltdown - What Now?

It can be very daunting entering either long or short after such a massive drop; I have a downside target chart published already 'Oil Channel - If It's Not Broke'; however created this chart for new short entries in the even that we see a bit of a retrace. Today was quite the rate meltdown in oil; it seems that the pre-fomc game of chicken is over. Both Long ...

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