OIL - JUST A TRENDLINE TEST BACK
Updated
First of all : oil's daily cycle are lasting for 40-60 days. Today is day 23.
Again : There is no way to top after an intermediate decline on day 13.
It was a tough and scary decline but that was only a half cycle low : it bottomed on day 21.Now we have the pivot which we can watch at the daily cycle decline 1.5 months later.
Powers forced a shakeout on all retail traders last week. Now when every retail traders are short the next leg up can begin. And of course today all the fundamentals are on the long side again :
Oil futures jumped Monday, building a little on Friday’s sizable advance that came after Russia’s president called on major producers to limit output at an upcoming meeting.
And one more interesting thing: US investors will stay out of this rally as there is the Labor Day holiday today.
We were above 5% plus in the morning today. And we regained both the 10 and 20 EMAs on the weekly chart.
ERX and oil shares will open tomorrow with breakout gaps which never will be filled again.
My last week's 2 oil posts are available as a private idea (For private ideas follow me on twitter):
Again : There is no way to top after an intermediate decline on day 13.
It was a tough and scary decline but that was only a half cycle low : it bottomed on day 21.Now we have the pivot which we can watch at the daily cycle decline 1.5 months later.
Powers forced a shakeout on all retail traders last week. Now when every retail traders are short the next leg up can begin. And of course today all the fundamentals are on the long side again :
Oil futures jumped Monday, building a little on Friday’s sizable advance that came after Russia’s president called on major producers to limit output at an upcoming meeting.
And one more interesting thing: US investors will stay out of this rally as there is the Labor Day holiday today.
We were above 5% plus in the morning today. And we regained both the 10 and 20 EMAs on the weekly chart.
ERX and oil shares will open tomorrow with breakout gaps which never will be filled again.
My last week's 2 oil posts are available as a private idea (For private ideas follow me on twitter):
Note
ERX is still in a rally mode though oil is falling.Who is the liarliar?
Note
ERX is the red-green candle , oil is the blue
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