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Oilshort!

Oil Remains A SellThe daily time frame shows that oil is heading to the lower orange trend line again. Stoch indicator is also supporting this indicator thats its a clear sell. Oil is also still setting lower highs and lower lows. However, oil has already completed the bearish 5 wave Elliot structure. This is usually followed by a by bullish wave structure and indeed we can see a green wave after the 5th bearish wave. this green wave could be the 1st wave of the bullish wave structure an are now in the 2nd wave which is down. How ever this 2nd wave cant break the start of wave 1 meaning that very soon price will reverse back up again into the 3rd wave. An easy way to find this out is the Red Trend Line. If the daily candle closes above the Red Trend Line its a buy with 1st target at the Purple Trend Line and 2nd target and the Red Trend Line. Trading advice: 1. Sell with a stop a bit above the red trend line. Target is the orange lower range. (If stop gets hit and daily candle closes above the red line then switch to buying) 2. If you dont feel comfortable with selling then either wait with buying till price has hit the lower orange range or till the daily candle closes above the red trend line.
TVC:USOILShort
by JoshFX1
1
OIL - CAUTION ADVISED! Possible Reversal? If we look at the chart here for oil we see that we may need to exercise some caution... The price is open under the 9 day moving average, the RSI is showing signs of exhaustion, the stochastics have movement a bit down and the MACD looks like it wants to start flipping. Now, is this the time to act? No. But you may want to take some profit if you have open oil positions. If we close below 52 keep an eye on the 50 day moving average to see if she goes below that.. We may need to re-evaluate the positions. This will of course have an impact on my USDCAD idea as well...
FX_IDC:USDWTI
by ChrisAbdey
OIL SHORT: Biggest scam of the year or technical consolidation?Dear shorts, I know most of us are extremely frustrated with the situation of OIL in the past (almost) 2 months. Whilst it should have retraced a long time ago, it can't seem to do so. In the early stages of this short trade, mostly technical indicators supported the idea whilst in the past ±4 weeks fundamental factors should cause oil to crash, since despite OPEC's pitiful attempt to cut production, the glut has grown. Yet, we see oil refusing to crash and moreover, we see oil skyrocketing on days where data is the worst. This makes no sense fundamentally and thus I was led to conclude that there are MM involved in this state in which oil is traded under. Still, before every major downturn for oil we see a period of consolidation ranging from 16d to 58d. The longer the consolidation the worst the movement downwards (statistically). Despite my frustration I have been averaging down my position every time I find an opportunity. The downturn should start soon and it will be ugly. All the pumpers will flee and oil should crash. Yet, there is a possibility that pumpers win since the divergence between Hedge Fund and retail traders positions are at a huge divergence. Thus, I will set my stop in the range of 55-55.35.
FX:USOILShort
by BigCharts
16
OIL SHORT: Commercial hedging at multi-year highsCommercial hedging short interest is at multi-year highs - back to where it was in summer 2014 when oil topped at around $100. Hedgers are locking in current prices as they believe they are extremely attractive in the medium term. Speculative positions are also at multi-year highs - making oil prices prone to a downside squeeze. WTI may have set in a near-term top and, although we could see $60 tested in the next few months, oil will continue to be pressured to the downside. A stronger dollar, questions about OPEC compliance and weak global growth are all fundamental forces which support this view.
FX:USOILShort
by Exercise-Discipline