OIL - The next big thing. Again.

By chartwatchers

Updated

Prepare your dry powder because we will be buying oil soon.
Just like in 2016:

OIL - Trapped bears' short squeeze is coming above 34.52

These were great times. I think this will be repeated soon.

Stay tuned.

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Tha May contract is dead. It’s below 15$ -20% drop today.

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The spread between CLK and CLM IS 9$. The CLM needs to be discounted before I buy.

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CLK is expiring today.

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Buying CLM today? I think it's too early.
I want to buy between 15 -20 $

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Buying CLM (June contract) is suicide when CLK (May contract) is running out and there is a price difference of 9$.
Price will definetely be some kind of drop in the CLM before it bounces:
1. Smartmoney will not buy the June contract 9$ higher.
2. Hedge funds are playing for the gap close: they are probably shorting the CLM.
3. Retail - most of them is destroyed at 20-25$. The rest who is rolling over will have 40% less money to invest as the price between CLK and CLM is 9$.

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This chart is showing the May contract. Don’t get too excited you can’t buy oil at 8$. Or if you buy it will be closed tommorrow when contract expires. Noone can tell you if price is 4, 6 or 10& at that time...

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We need to wait while the dust settles down
We want to see what happens to the June contract

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Say hi to 0.

There are no buyers.

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OK. So right now the the CLM ( June contract) is doing what we are waiting for. It broke the previous low.

Retail traders who didn’t sell CLK now went to zero. So they can’t buy the CLM. Hedge funds And smart money are waiting for A lower price.

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Wow. CLK went to negative.

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June contract is selling off too.

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14$

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The trendline is broken I will try to buy the tre trendline backtest...

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Or the tag of the 10 MA:

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Still not decided if the june or july contract...

chartwatchers

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