Hi let me explain to you why I started going long on Crude OIL. We had a very dumpy day on Oil, which is when I usually love to buy, and now price is sitting on the daily 50 moving average. I wanted to short it last weeks, but it didn't go high enough for me. We have plenty of support under us. Some BS FUD news (as usual) as well as a correction being needed...
if you're looking for an entry it would be around here. I think the price is going to dip a little in order for momentum to reset, personally i'm looking for another entry around 3.20 to pick up a little more. Will re-evaluate when that time comes to see if its still a good entry but for now thats my plan.
With OPEC looking likely to raise the official oil price as oil fracking in the U.S starts to slow & the Saudis cutting oil prices, a surge in the price of most oil & petroleum companies is almost guaranteed. But the question is "how soon?". Looking at the current price of WPL and past chart patterns show that the price surge could be very, very soon.
On daily chart, it's 3rd day outside from the upper Bollinger Band. It means a calling for a interesting correction. On hourly chart, an overbought is present on RSI & Stochastic. MACD & Histogram shows a little weakness. On hourly chart, its target in 10.75 from a triangle breakout has been reached.
Oil prices will need a retracement depending on Weekly chart, because of the political and geo-political risk on OIL prices can go higher without a retracement. Question mark implies this possibility. One way or another prices will go higher for long term ( 1 - 2 years). USOIL Weekly Chart;
If NYMEX:CL1! opens neutral or bearish monday morning I´ll buy BMFBOVESPA:PETR4 PUTS (PETRQ90) aiming a two days correction for PETR4.
Crude oil is making new grounds with it soon to come with its reverse pull back, same thing happened in 2009 although there is a possibility that crude can slide to support at 40$. either way i will be easing my way into a positions using the ETF UWTI which is priced very cheaply at 3$ a share. also a big shout out to @Ricker for showing me UWTI
I've seen a lot of people looking at oil's long-term trendline for a speculative buy opportunity this past couple of weeks. While oil prices should remain relatively low as markets work to establish a demand-supply equilibrium in 2015, I agree with the hypothesis of at least a technical bounce once WTI and Brent prices test their trendlines (around $47 for WTI and...
By looking at the CCI and Stochastic RSI and combining them with cyclical up and down movements of the price, we might start to imagine the price falling back to about $100 a barrel. In order for this to happen, we would need to see a slight improvement in the geopolitical arena of Libya and Ukraine. Perhaps the market is building this oil tension into the price,...
We have resistance at 105 and upward sloping support. This converging levels will pinch the price and we should expect a spike up or down in the upcoming day or so. I have a bias for taking a sell position due to supply news and geo political events. 1. Increased production with Russia has recently begun producing fuel from the arctic and made its first...