number cycles on the crudeNot sure what this is about but after the 66.66 peak earlier this year the dow fell by 666 points. Since then local highs in the crude have occurred at 66.55 and recently today 66.44.
USO
Watching for OIL bounceOil within recent uptrend. Looking for a reversal here for the next week or two. Playing this via refinery and oil producer stocks
End-of-week crude analysisWell, contrary to my reading earlier, crude did not have a meaningful retracement, and they instead decided to send crude prices lower, finishing out the week at the low. Looking at the chart, the outlook on crude is downward. Notice how earlier in the week they pushed prices higher after hitting the 50% retracement from the low on 02/09 and the high on 03/25, but then sold it down after reaching the fib. level at 63.73. What's more, they closed the price under the 1.618 extension in the figure. My impression is that over the near-term crude may be sold down to the 2.618 extension level at 59.18, and possibly (though less likely) the 4.236 extension at 54.64. Downside resistance may come in around 61.31, 60.37, and 58.07. Cheers!
update on the Texas teaThis is an update on the bearish crude thesis running through April. I'm thinking here that we could continue the pattern of the past week where the price is run down into a partial extension and then brought back up by two fib level, only to sold down to the next fib. extension level. This would imply the price could be brought up to about 65.08, then sold down to about 60.32 later in the month. We'll see!
USOIL and SPX500 correlating?They seem to be moving in unison of late since November. Although the deviation from the avg has been much larger and volatile for SPX500 compared to USOIL
ATH.ca Athabasca oil (TSX)Another canadian energy company setting up for a potential trend. Broke the recent few month downtrend. Once the price gets above 1.40 this could be a very strong trend.
Wave pattern on the crudePossible downside move into the end of April, then the next left up into June
LONG OILOIL breaking out on multiple time frames. Monthly looks to be suggesting a run to 78-80 level. Would be a great set up for Saudi ARAMCO IPO..... since they made production cuts to bump the price....
Two Irritating ScenariosHi guys. Nobody likes two sided charts but here it is. I'm short since yesterday and still keeping my original target per my previous USOIL post. These two scenarios are based on the open interest for mid March. Question everything everywhere and every time. Imvho. Have a nice day.
Oil Big POW short13 cl direction s Feb 16 2018 entry price 61.58 comments open new short
also will do a long put may 53 for a .59 debit
and short a 68 call for a .45 credit
USO LONG SWING TRADE
I'm taking another long swing trade in oil in line with the powerful up-trend in this market. We may look to add on further price retracements toward our stop, but we will not take on more risk by lowering our stop.
Quick Scalp Short $CL_F. First touch of what was lost yesterday.Shorted 65.86. Looking for 65.2ish today. Will short heavy at 66.3ish if it prints first.
Forecast for $NOGGoing to see some more sideways action for at least 7 more days before eventually running up. I'm holding, +70% gain so far.
Crude $45 by April/May 2018Revising my $69-70 target down to $65-66.
My Original idea from July 17 - was Crude would reach 69-70 by late Spring early Summer.
Time for oil to cool offAfter an impressive run in oil, it looks like its time to consolidate. i think the mid 56's look like a nice place to put the next bottom in. should be a nice trade with dwt
Imagine the narratives if crude rallies $20 higherLog based channel on WTI. Meanwhile everyone is bearish. Held mid channel multiple months in a row. Bullish
US Oil - 1W - 1st Target HitIf you like this idea leave a like and follow me to get all of my updates :) I would love to talk to you so send me a message or comment!
Underlying: USOIL
Time frame: 1W
What Has Happened So Far:
So this chart was posted exactly a month ago today.
What am I Looking to Happen:
Although most of the move has been captured, I still feel there is still some more upside (again it is the 2nd target I am looking to hit). Make sure you have a smaller trade size this time though as the risk to reward is not as appealing.
Target Profit:
Stop Loss:
If you like this idea leave a like and follow me to get all of my updates :) I would love to talk to you so send me a message or comment!
