Oil is approaching a possible paradigm shift...Continuation
Here is a continuation. As you can see oil is in a bull run, I believe this to be valid based on a ascending flat top triangle breakout that was not proved false, a short term cup and handle, long term cup and handle, and also bull flags short term. That is 4 strong indications that this has legs.
My position in sco has not changed and am still holding for reversal, and believe to break to 60+ we need a healthy pullback especially as the timing aligns. November is usually not a great month for oil, and producers hedging still has be believing that I can break even on my call that I missed over the last several weeks. Im still 65% sco, 20% uco (Cashed out based on RSI, however may re-enter based on MACD), and 15% cash.
I would say sitting cash is probably the prudent move as volatility is quite high since we are in uncharted waters for this year. The issue I am having is oil is still in the bearish long term, but that is quickly changing so it is hard to determine in this moment if cutting losses is the prudent move, hence my suggestion for staying cash at the moment.
I will update with fibs based on historical data later on today or in the coming 2 days.
GLTA.
My position in sco has not changed and am still holding for reversal, and believe to break to 60+ we need a healthy pullback especially as the timing aligns. November is usually not a great month for oil, and producers hedging still has be believing that I can break even on my call that I missed over the last several weeks. Im still 65% sco, 20% uco (Cashed out based on RSI, however may re-enter based on MACD), and 15% cash.
I would say sitting cash is probably the prudent move as volatility is quite high since we are in uncharted waters for this year. The issue I am having is oil is still in the bearish long term, but that is quickly changing so it is hard to determine in this moment if cutting losses is the prudent move, hence my suggestion for staying cash at the moment.
I will update with fibs based on historical data later on today or in the coming 2 days.
GLTA.
Comment:
For a possible scalp (24hr period), notice bull flag on 10/26 and 10/29 looks to be forming another, will possibly add based on candle and volume.