new oil ideathe further out in time we go the smaller the spread between front and back, so thinking the front to out 6 months should narrow so going to take a position on that idea
Oilwti
The continued short of oil..So I didn't sell any of my $54 oil shorts today when it rebounded, I just moved my stop to break-even.
Today we saw a major miss in inventories, which was initially bearish, but was somehow bullish?
I'm still short because of the numerous reports that essentially the OPEC "cut" is garbage, and on top of that oil inventories are growing, while demand remains stalled.
There's still a bear divergence in the RSI, but we must carefully watch the $52 transition area (in blue), as a strong break above could signal a higher high.
Short OilContinued idea from previous.
1 - The current trendline looks to be tested within the next few days, look for a bounce (long), or a break (add short).
2 - This red horizontal bar is around the $52 area (key transition area), it broke today, and closing below it over the next few days will be a good sign for shorts.
3 - Most big players got out December 30th, which points toward this level being a top for the time being.
4 - Today's drop was based on low volume, therefore we must be careful over the next few days. However, due to the large selling on December 20th, this may be all the volume necessary to truly break $52. Look for a weekly close below this level for a longer-term bear.
5 - RSI broke trend. This points towards an RSI heading towards oversold, with the price following.
Oil - Range bounce until the next round1. Lots of deep corrections in this range. Gonna have to break to the up/down side to confirm the next trend.
2. Uncertainty reflected in the price
$CL_F ($USDWTI) should reverse at 45.67When I drew the tramlines and fib, they matched. I then noticed the gap between the 61.8% and 50% fibs. If you add in support and assume OPEC will agree cuts next week, then you have five pieces of evidence which point to the same thing.
December 2017 Oil: Interesting time/price target spottedI'm looking to go long the December 2017 contract if we hit the target specified on chart. I'm not detailing the money management or the trade plan here, I reserve that to my clients, but we could certainly see a bounce very soon, but we need a flush of weak longs to achieve sufficient negative sentiment for a bottom.
I was expecting a faster rally, but that thesis changed when we dropped under the short term uptrend speed line, creating a failure in the daily uptrend, which prompts me to think price will go down until we hit the target on chart, then reversing course and resuming the long term uptrend, eventually reaching the targets on chart.
Keep an eye on this chart, you will soon get a low risk long opportunity if you're vigilant.
Good luck!
Ivan Labrie.
Good SHORT READYOkay 1hr fib has been retraced to the 61.8%, At the current time of publishing stochastics oversold on the 15 minute, overbought on the one hour. This could hold at $44.72 and go lower but we do have a channel support half way into the channel. Waiting for volume to show the direction of the market.
NICE OIL SHORTAlright this is a real nice short I was away from the market took some really good profits on oils failure to move higher on news. These prices are major S/R points that intersect with Old very valuable fibs usually a great profit target. Look for a pullback and enjoy the ride. may also reverse at these levels.
Good ShortGood short lined up, ready for a continued push to the downside. Be careful during news at 10:30am EST
Beautiful ShortNice short lined up ready to break. We could have a nice profit taking pullback down to some previous Resistance could go lower on news.
Great EntryHealthy pullback waiting to happen will pull back a few cents to the downside, resistance below 15 minute looks setup well, stop loss 20 to 30 cents depending on your risk
