DWTI
USOIL Inverse Head and ShouldersLeading diagonal pattern support for wave 5 at 45.81. Wait for strong break through at 49.68 to CONFIRM the inverse head and shoulders. TP of 54.04 TIGHT SL.
"Crude Update" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX Time is early right now....At the "Area Of Interest" ....
Any failure below 43.67 on a closing basis triggers a possible attack at the 41-39 area.
Oil retrace, then back shortOil will retrace to bottom of previous bear flag.
It should hit around the time as Rig Report.
Rig build will push it lower.
Oil Bearish PennantOil consolidating for another move lower. BREXIT will lead a higher Dollar and Possible Hawkish Yellen
USOILUSOIL, new outlook. OIL goes to $45.27 which is the 38.2% retrace. Curerntly playing this short with DWTI and ERY. Once we reach $45.27 I'll flip to ERX and UWTI.
Almost hit my 18% goal. Risk increases into resistanceEarly May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.
Potential Oil Top for this Cycle5 and 10 DMA's lost in a rug pull fashion today as oil had a bull trap this morning to the $50 integer, followed by a rapid $1 dump in around 1-1.5 hours. MACD bear cross on daily, inverse hammer on daily, etc.
Top Hit, Short OilTop of wedge has hit, get short. Diverging RSI. Low volume. This baby is about to come back to Earth.
"CRUDE WAVE" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $CVX $XOM CRUDE has higher targets possibly on its agenda.
Holding the contained market structure will allow for the next thrust.
Macro Oil Trend Line Resistance dating back to 1998Lost the bullish support line in the fall of 2015. Merely just backtesting the TL now.
$UWTI Long - Pure technical analysis.$UWTI and $DWTI are opposite funds that track the same commodity. I analyzed both and came to conclusion that $UWTI is trending bullishly. Secondary support level (dotted line) have been tested several times within the last month or so. So that's where I decide to put my stop loss.
Oil ConsolidationOil may be in consolidation and we have a good setup for a potential ABCD pattern. I would look for resistance at $45.20 and take profit under $44.
With lower lows and lower highs, the chances of the market breaking to the up side are slim, until it creates a new high structure.
"UPDATE STATUS IN ENERGY" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO CRUDE FOUND BALANCE AND WAS MET WITH SELLERS AT THE HIGH....
WATCH FOR AREA AT 41.80 -40.00 FOR A POSSIBLE LAUNCH TO RETEST THE HIGHS...
WE NEED TO CLEAR THE AREA OF RESISTANCE TO ACT THE $55 MAGNET AREA.
ANY FAILURE WILL SEND THIS BACK DOWN TO THE LOWER BASE
Oil PathsCouple options here. I think the blue arrows are more likely. Oil found support at 44 as expected. Keep an eye on the dollar.
