A NEW ERA FOR $WTI BULLS IS ON THE HORIZONWe're in the last few month of accumulation prior to an Elliot Wave Triangle breakout.
UWT
Oil drop$uso $uwt $dwt $usoil
Took a short position yesterday (3-21) based on this broadening pattern. It will probably spike up a few times but I suspect it's going down down
OIL THOUGHTSFOMC in yellow
EIAs in light red
Still bearish AF this year but looking for perfect short
DXY weekly, possible head and shoulders. FOMC TomorrowDXY weekly, possible head and shoulders. FOMC Tomorrow will send it lower? Powell said 2 raises this year from previous 4. I think they keep dovish tone, until economic data is better. Consumer sentiment was 120, compared to 124. Oil looks really good, gold has quite a run already. I am in 1/3 pos $UWT and $Nugt. Sanctions against Venezuela could be bullish for oil too. Good luck!
UWT Support and ResistanceThis is the support and resistance levels for UWT in it's the current range.
I'm keeping a close eye on this one....
Velocity Shares RallyThe Major Pivot Stack that was in place last week has turned into an Almost Super Pivot Stack.
With the expected price breakout now underway, look to get long on a limit order, preferably around 13.53.
If the market opens relatively unchanged you could enter at market on open.
Once in the market, place the stop loss at 9.62 at the bottom of the Stack and a profit target at 21.93.
Potential Cup and Handle UWTThis potential looks like a cup and handle pattern, curious what others thought...
I do think it may be a fake out and will drop below $10
Break above Res1 UWT LongIdea : Recently broke above Res1 and pulled back. If support can hold we can climb higher.
Support : OPEC recently agreed on a cut in production.
Support Links :
www.bloomberg.com
www.reuters.com
finance.yahoo.com
USOIL I Think We're Getting Close - Time & Price AnalysisMy best guess is the green highlighted area shouldn't be viewed as a "Bounce" zone.
Instead, I think this will be the area where accumulation will take place.
It'll take a few weeks and a few failed breakouts, so don't worry about missing the bottom. You'll have a few opportunities.
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I've been working on "Time" more than "Price" for the last year. I got tired of pussy-footing around in my analysis; "It should bounce around this level, maybe it will maybe it won't."
Time is much more elusive than price, but I'll give it a go:
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Price: Between $49.00 and $46.00 a sideways to slightly lower accumulation zone will form in this range. (Typically don't like to give such a wide range ($3) but we just moved $27 in 7 weeks so giving myself some wiggle room)
Time: From today (Nov 23rd) until Dec 15th, it's likely oil will be in accumulation as it moves sideways to slightly lower. By December 13th we should see some serious signs of a reversal. The reversal should last at a minimum until Jan 11th.
Prior Oil Posts:
Is Oil ready? Current Price at Posting: 54.69
Directional Bias: Long
Price Target: 57
Good Entry: 64-64.3
Risk/Reward: Max of 30 tick risk / Potential Reward of 200+ ticks.
Trade Idea Invalidation: Hourly Candle close below 64
UWT longthe oil did a big down trande move, it looks like he found a temporary support
SL- red lines
TP- green lines
* please note that the overall market is in a critical point ( high risk) so please keep your stop loss in place.
G luck!
Long USO (USOIL)After a 10 straight drops, oil finally at support based on my indicator. As long as the support holds, long oil.
TP: 65
New Oil Long Trade Location Previous Oil long idea did not end up reaching the target - let's try again. Along with my SPY trade idea, I believe oil is due for a nice rally, even if in a counter trend capacity.
Directional Bias: Long
Price Target: 72
Good Entry: Breakout Above 68.5 or another retest of low 66 area.
Risk/Reward: Risk no more than 100 ticks/ 300-600 tick potential reward
Long this Oil SpotDirectional Bias: Long
Price Target: 72.5
Good Entry: 69.00-69.35 area
Risk/Reward: Risk of 50 ticks max on this/250 tick reward
Below 68.5, trade invalidates. Let's long this above 50 ma on 15 min charts (red line on charts).
Short Oil to 72Directional Bias: Short
Price Target: 72.00
Good Entry: 74.8-75 area or Breakdown of 74.00
Risk/Reward: 50 ticks Risk Max/ 200 tick Reward
