Megapump

Megapump

The path of least resistance is now up and fast, congrats to everyone who listened to me!

Megapump

How much longer can the $ 42 handle act as resistance? My guess is the bears have lost it and the next attempt will finally be successful.

Megapump

After a fierce, pretty much one-day-correction to the 38.2 Fib, we are witnessing a very bullish bullish engulfing candle. That's a promising set-up. The 50 EMA is turning up and many technical analysts will be forced to turn bullish once we break former resistance at the $ 42 area. If we break it, the sky is the limit. At least an advance to $ 50 is then the path...

Megapump

Fundamentally, everything is pointing at much higher gold prices. Technically we need Gold to break $ 1925, a daily close above it and a couple of strong days and it's off to the races.

Megapump

A TD 9 + massive reversal candle actually marked the low with the CL! contract. Crude is still going strong, consolidating at the top. The huge draw in inventories this week probably is very supportive. Lets see if we can back to the $ 40s.

Megapump

The correction came right into the Fib-Zones and the TD 9 (almost) marked the low and Crude reversed from here. Commodity currencies like AUD and CAD are right at resistance. If Trump wins the election and the Dollar stays week, we have a lot of tailwind. Everybody is bearish on Crude and the last correction looked like capitulation. The rebound came in strong as...

Megapump

I definitely was too early with my bullish outlook. This was quite a wash-out. If we can trade back to the $ 40 zone this would make me even more bullish though.

Megapump Updated 

We need to push through resistance at $ 41 to $ 41.60 and stay above it to keep the bullish momentum.

Megapump Updated 

CL right at the Fib-levels. WIll we be bounce?

Megapump Updated 

The 50 % Fib-Retracement has held and the 4hr 9 candle marked the swing low. A daily close below $ 39 would kill the bullish narrative at least on the short-term, a daily close above $ 41 could easily translate into a move to the $ 50 to $ 55 area and energy stock owners will feel pretty smart.

Megapump

Currently we are testing the $ 40 support. A sequential 9 on the 4 hr chart is coming and a reversal from here would be very bullish. We are also getting tailwind from a weak Dollar.

Megapump

Right now CL is at a tripple resistance of daily 50 MA, 61.8% retracement and structural restistance but doesn't show any sign of weekness.

Megapump

So far, so good. A bullish break-out off of the flagging formation would indicate a target of approximately $45 as well. The H&S pattern is getting closer to completion. A decisive break of 39$ would be bearish.

Megapump

The chart structure looks promising. The double bottom scared a lot of traders out of their long positions and got FinTwit into short portions. Yesterday's 10% move squeezed them and if my early-drawn H&S gets confirmed CL is primed for an attack on the $45 level. A lot of energy stocks are beaten down to their March 2020 levels so these titles will most likely...