UWTI
The Intermediate Bottom In Oil Is Likely TodayAs long as today closes the daily candlestick at a price of 30.57 or higher, the resulting inverted hammer formation is a signal of a potential bottom in oil prices. My price target remains the macro trend line resistance near $34, with a longer-term price target of $39-40.
Worth a try longing the oil no one wantsMadness..... oil holding on to $30 right now.
Make or break here, with tight stops.
DWTISometimes you can learn more from an inverse fund, than looking at the underlying stock. Looks to me that Oil is bottoming here. DWTI looks to be at a near perfect double top. RSI is overbought and volume is drying up. Maybe getting close to a long position in OIL using UWTI. Long OIL.........
Oil is doomed?From a purely technical perspective I think we're incredibility close to a short term bottom now, even with a lower low in the weekly it is still printing a bullish divergence in the RSI here.
Currently, geopolitical factors plus the record short relative to longs position are a huge tail risk as seen today from the US EIA oil inventories (-3568K vs +1300K expected). Mainly a short covering event.
Keep a lookout for some reaction once oil hits $32. It could be a huge buying opportunity for UWTI or CL1! $44 call options.
Until then, the stage belong to the bears.
Bearish Shark will keep Crude in Trading RangeBearish Shark
C notations on the chart
I normally post my charts at Twitter.com
Due to also posting charts from other platforms ....I gather them all there.
Thanks for any thumps up or comments.
Best to your trading
TWUC
@WallStScalper
The ABCD mentioned
ABCD could be in playABCD
C notations on the chart
I normally post my charts at Twitter.com
Due to also posting charts from other platforms ....I gather them all there.
Thanks for thumps up and any comments.
Best to your trading
TWUC
@WallStScalper
$UWTI 3 drive pattern3 drive pattern
C notations on the chart
I normally post my charts at Twitter.com
Due to also posting charts from other platforms ....I gather them all there.
Thanks for thumps up and any comments.
Best to your trading
TWUC
@WallStScalper
This chart ....to be seen as a teaser.
Oil drillers - way overdue for a huge bounce This is a time where all fundamentals about the oversupply of oil, glut, and worsening global economy should be ignored.
It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms.
No, WTI (USOIL) isn't going to $20 in the near term yet. I do see a possibility of it testing $48~51 range again.
Seadrill Limited (SDRL)
Almost 20% away from the lows made in 2009.
Price have not recover the slightest bit despite oil price recovering recently. Near term target is $9.5 range.
Best of the 3 drillers and current price is a huge bargain here! I am accumulating this at current levels.
Transocean LTD (RIG)
Price recovered 27% from the recent lows.
Not much opportunity unless you're going to hold it for over a year, a recovery to $26 is almost entirely possible. I would wait for a retest of $12 to pick this up.
Diamond Offshore Drilling Inc (DO)
Keep a lookout for $17~19 level for longs. I don't see much demand in this relative to SDRL and RIG yet.
WTI price:
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Good luck :) and have a good trade.
DWTI Ready to C a "Rise" Again Trendline & structural support
Was predicted last week if you saw my weekly and monthly Elliott Wave count... see below in comments field (done on my Twitter)
Monthly ...see link below
We should see some retrace here in DWTI
I will be looking for a harmonic pattern to set up for the retrace.
Trade what U C
@WallStScalper
Music at the charts: Gabrielle: Rise
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Crude OIL: Burst out of the gate. What next?Well I was about 2 weeks early but the drop in oil has stopped (so far) above the previous long term low I labeled AA on the weekly long term chart of 2 weeks ago.(see link). What I thought was the bottom of the current drop turned out to be a classic 5 wave expanding triangle. I find expanding triangles often tough to recognize early as the previous highs and lows keep getting exceeded. If you are longer term bearish on oil then you may see this recent rise as just part of a dead cat bounce. But I favor a longer term bullish stance. BUT in the short term we have a strong negative reversal in the daily RSI and a potential bearish divergence in the 2 hour RSI. I would not be surprised to see one more jump up to the upper trend line of the channel I have drawn then would expect an a-b-c retesting of the recent low. If this happens it could provide a potential low risk entry to go long oil. It is worth watching. Take care. Have a fantastic weekend. Goodguy.
Capitulation in Crude? IKS
Still highly speculative but this could be the start of wave 4 up or the bottom of the last wave down
See my twitter account for the weekly Elliott wave count
twitter.com
Trade What U C
@WallStScalper
USOIL(Crude Oil WTI) near term target priceNear term low price target (46.83 to 46.86), before possible leg up to a target price of around 56.55.
This is just using the emotional pattern indicators of XABCD Pattern (Bat Pattern) and Fibonacci Retracement
to figure out the low target prices around D. The possible leg up is based around the B point. The time frame
is days between X and D divided by 3 (88 bars / 3 = approx. 29 days ).