smitheric1970

smitheric1970

I never expected a drop this far/this quickly and have felt the pain looking for a bottom too soon; but here we are. With prices closing on the weekly below Sep '16 - June '17 Support (43.x), I see potential for a continued grind down as prices are right back in the eye of the 2015/2016 storm. IF... prices close a weekly bar below 41.38, then I believe we may...

smitheric1970 Updated 

This is just an idea based on price action around my clones ranges and OPEC agreeing to cut 1.2 MBD - though it seems the market is waiting for bullish reports to validate that this cut will have an impact: 1. Supply has possibly exhausted near the strong November 2016 Rally/Breakout Level 2. Equilibrium between Buyers and Sellers last week may have validated...

smitheric1970 Updated 

Enter Long 61.70 Target: 65.48 SL: 61.19

smitheric1970 Updated 

I am expecting prices to continue selling down from 70.x level to 66.40-66.75 where I am recommending a Long position. Details on chart: Long Entry: 66.75 TP1: 72.93 Add/Enter Long: 69.37 ***If Prices test 76.50: Add Long at 74.26 TP2: 78.28 Good trading all!

smitheric1970 Updated 

Weekly Inflections, Fibs, Supply&Demand Lines - Keeping it simple - Selling Entry in the yellow zones, Buying Entry in the Green - SL's on a break of the red zones - for this first Short Opportunity I believe 72.90 offers the best risk/reward short; however I will be Entering Short at 72.00; I think we may see a lot of consolidation in this overall Range during...

smitheric1970 Updated 

Based on potential issues with Iran involving the Hormuz Strait I just published and quickly cancelled a chart looking for a run up to 76.5-77.5 and then a pullback to 74. But then thought - if this issue continues to unfold then prices may just continue to grind up over the next month without much in the way of prices pulling back. I am highly advising taking...

smitheric1970 Updated 

Potential 470 ticks: I am looking for a potential Long and Short play in Oil short term. I was recently bearish minded at 74.12 but following the price action this past week I believe we may have another run up coming potentially due to geopolitics involving the Hormuz straight. Trade on the chart is self explanatory based on 2014 Supply/Demand levels. Note: ...

smitheric1970 Updated 

Last week prices initially showed signs of equilibrium between 64.6 and 65.8; however towards the end of the week it H4 chart is showing Higher Points of Demand and it appears that sellers are getting absorbed in that range. Based on last weeks close a Weekly Inflection has been created at 65.71 and if we see volume move above this level then I will look for my...

smitheric1970 Updated 

I have been waiting for prices to break up into a 69.37-74.14 range and based on current prices action along with 2014 broken support levels, believe we may see extended sideways action in this range, for several weeks, if prices do indeed break upwards. With the Brent/Crude spread in excess of 4 dollars we are still favoring exports; along with potential Iran...

smitheric1970 Updated 

My apologies for the short summary, I will add more later, but here is my view in short. I believe the run up in oil will continue; potentially on a quick path to 68/69 I am advising a long entry at current price, initially looking for 68.18 and believe that prices will create higher support at the 68.18 level. Targeting 69.37 and 70.56 as profit levels. Long...

smitheric1970 Updated 

I believe that oil is currently in a 59.87-64.62 Daily Range and that consolidation in this range will continue through the May 1018 contract (CLK8). I am looking for 59.57-59.88 Demand and will be entering long advising SL below 58.98 (58.98 I'll show on a separate chart showing a higher demand structure forming during the long 2015 distribution range). First...

smitheric1970 Updated 

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 Updated 

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 Updated 

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 Updated 

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 Updated 

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 Updated 

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 Updated 

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...