DWTI Cup and Handle formationCup and Handle formation with an oversold indication on the RSI (Relative Strength Index). ~195 dollar price target.
USO
USOIL bearish divergence and rally exhaustionAfter this massive run in oil we are beginning to see bearish divergence on the 1 and 4 hr MACD and momentum as well as price action making a double top around 46.76. Can see a pullback to 44 or lower before resuming uptrend or more downwards momentum towards the high 30s if we break support.
USOIL Head and Shoulders PatternUSOIL is forming a Head and Shoulders pattern on a medium/long term timeframe; it bounced off of the $26 dollar mark, allowing oil prices to rise to a high of approximately $52 a barrel, paying off handsomely for oil bulls. However, now concern is increasing as over extension and limited profit potential, oil bulls are beginning to take profits as selling pressure increases. I'm going to be shorting this from approximately 46 dollars with a stop loss at around 48 dollars. The first resistance point in question is 37.8 then 26-26.1. I suggest looking for a reversal to confirm the Head and Shoulders pattern. Thank you for viewing my analysis.
Short OilDon't Overthink it. Over Supply Continues and Saudis will not compromise to anything unless the Iranians are also on board. And we know what the Iranians are going to do PUMP PUMP PUMP.
USO - the down turn is to shake out weak hands Move to higher local highs expected. Buy USO and short TSLA
CLU2016Critical time for crude. Is this an overshoot of the DTL, or something more ominous like what shown in red?
Credit to Arkady Yakhnis at elliottwavetrader.net for his assistance in Elliott Wave counts.
USO FUND - POSSIBLE DOWNTREND CONTINUATIONUnited States Oil Fund seems in a downtrend continuation. Shorting the pullback seems a good idea. A strong breakout on the black downward trendline could change the trend direction.
SPY - Why Oil is not moving?There is a disconnect between market and Oil. First half of the year there were inseparable!
Setup for long on OilIt looks like a cup and handle is pattern is in the process of forming, right now we are in the consolidation portion of the handle, any break would see a rise upwards easily into the 60s..
I do not have a specific target price, but it looks quite attractive to enter at this point in time for an upward move. The recent EIA report was supposedly bearish, but looking at the production and import figures, I would say it was still borderline with the main emphasis on weak demand.
USO / Oil - Possible breakoutPossible breakout for USO the oil.
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"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.
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.
Oil is getting toppyMight make a spike towards $50, but regardless this is a good place to start shorting or to buy out-of-the-money puts for August 2016 at around 45-47.
I'm not too bothered about not having a stop loss on my DWTI and CL options here...
Oil isn't going anywhere..
Net long position near record highs
Weakening Chinese demand
Short squeeze is done
Frackers aren't dead yet, the battle for marketshare between Saudi, US, and Russia continues.
Is Dennis Gartman finally bullish of oil? LOL
Most importantly, mainstream media collectively are now bullish of oil despite the fact that fundamentals have not changed. The only thing that's changed is the sentiment of the market participants
oilprice.com
www.bloomberg.com
