"CRUDE FOLLOWUP" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO TIME CAME IN AND PANIC SOLD DOWN TO SUPPORT.
TO CONINUE THE ADVANCE WE NEED TO STAY ABOVE BOTH PIVOTS
OR A SIDEWAYS RANGE WILL POSSIBLY DEVELOP MORE IT SHOWS IT AGENDA.
USO
SPY/XME/USO/GLD/SLV Ratio 4/18/2016 (All-Time View)Watch the lines. This chart tells us when to switch from bubble assets to contrarian assets.
SPY/USO/VXX/GLD/SLV Ratio 4/18/2016 (Short-Term View)There is giant rising wedge forming. This ratio seems to indicate the aggregate perception of the US economy - the higher the better. As you can see in August 2015, there was a huge leg down which was unprecedented in this chart.
SPY/USO/VXX/GLD/SLV Ratio 4/18/2016 (All-Time View)There is giant rising wedge forming. This ratio seems to indicate the aggregate perception of the US economy - the higher the better. As you can see in August 2015, there was a huge leg down which was unprecedented in this chart.
USOIL 4HR Chart shows why price & momentum precede newsChart shows 4HR price chart of USOIL-2.52% with RSI .
Divergences are noted on chart.
Key idea to keep in mind: The market has price and momentum movement that creates the window of r a new item to catalyze a move. Look at the fat bullish divergence that was in place prior to the "Freeze Tweet" that sparked the rally. If you look at the chart, the market was primed and ready to rally prior to that tweet.
Now look at the bearish divergences setup prior to the now-failed Doha meetings that just concluded. Notice the market has positioned itself for a price fall, with the momentum decline on higher price that makes up a bearish divergence?
Lesson? Listen to price and momentum. News often provides the justification for the next market move.
SPX -- buy the Rumor, Sell the RumorSPX has a potential to retrace as speculative market participants run for the exits having realized that all of the momentum available for the DOHA "oil-card" has already been played out...
Massive "M" in WTI / OilUSOIL appears to be forming a massive M pattern, which suggests much lower prices.. SPX will follow this issue down, IMO. Not a rec to buy or sell.
Short USOIL idea, short under $44...According commodities king Dennis Gartman we now have a great oil short opportunity... The 44$ line known as "Gartman Resistance" provides a "guarantee" resistance for WTI crude, until Dennis Gartman is alive...
Suggested Entry Price: any under $44.
SL: Gartman's death...
CRUDE UPDATE$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX $XOMPRICE STRUCTURE AT "POTENTIAL RESISTANCE"
TIME IS APPROACHING ....
TRADE THE DEFINED PARAMETERS ON PRICE ACTION.
IN THE CENTER OF THE RANGE IS THE "KILL ZONE"
USO - On it's way to the centerlineIt's really astonishing how the ancient rules of Action/Reaction work out.
Newton was a REAL genius.
Next stop - Centerline.
P!
mytradingcoach.teachable.com
USOIL may breakdown from channel. "Panic" condition.I don't like to use the word "panic" much like I don't like to use "crash" since both rarely happen.
But mini-panics do happen quite a lot - where price just can't find a footing and sell orders multiply.
Look at the downward pressure on the channel here on USOIL's 4hr chart. Notice the following:
+ price under 36 has no support until the 34.40s
+ that gap was passed through on the climb from Feb 11 on an unlikely pop out of a rising wedge (so many shorts were playing that wedge - including me - that they fueled that pop through the 35s
+ the LRS-RSI is in a 'up' cycle (white background) and may just pass into a 'down' with a few more ticks, showing the complete lack of buying support since the high wick blowoff black candle in the 39s.
None of this is definitive - price will reveal itself very soon. But I am holding my shorts and won't be shocked with a print in the 34s in the next 12 hours. Then again, that's how counter trend rallies are created .. with fuel provided by guys like me. Trade Safe.
"CRUDE UPDATE 240$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVXPRICE IN ENTERING
"PROBABITIY ZONES"
IT PROVIDES INFORMATION WHERE TO ACT AND WHAT
HAPPENS IF PRICE BREAKS THE AREA.
HAVING INFORMATION BASED ON PATTERN AND TIME
HELPS ONE FORM THERE ROADMAP FOR "THE TRADE"
$USOIL $USO $OIL Crude et al (D) Fade to be expected since run.Receded back to (36,38) trading range after fading from SMA200 resistance above.
Good to see difference between SMA50 and SMA200 narrow some; bullish indication. Still has more fundamental work to accomplish.
Overall, still bearish. Potential targets near 36 and 34 (Red SMA50).
USO Head and Shoulders formedBecause USO is a roll trade ETF you get a smoothed price without the rollover spike/drops you see in WTI.
Look at the head and shoulders it has formed,
Price target of 8.50
EDIT: Also note the falling RSI for the three peaks.
"STALKING PRICE"$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX DESCRIPTION ON CHART.....
PRICE IS GETTING READY TO CHOOSE ITS LAUNCH
FROM THE BOX...
CRUDE "STALKING"$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX DESCRIPTION ON CHART.....
WATCH LEVELS FOR RESPONSE.....
"15 MIN CRUDE UPDATE$CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO DESCRIPTION ON CHART....STUDY PRICE ACTION .......
WE GET PAID TO WAIT.
$UWTI $DWTI $USO updated oil chart with key trend lines and TA!Watch for that stoch rsi bear cross for the pullback
