Long term chart showing that UKOIL can go down in couples weeks.
With WTIC moving higher the OIL sector stocks are finally starting to react. GUSH and ERX both looks promising here. GUSH had a big day up over 10%. ERX I am looking to go long with a move over the 50sma. Tomorrow may be a buy.
Going long on USOIL by using GUSH. USOIL just completed a 3 drive to a bottom pattern. We can expect a turn here. Panic selling this morning is tough to go long into but the rewards should be there. Set a stop just below $43.
I think we are in down wave or price correction for crude oil extending to the next 8 months..
C point between Fibo. 61.8 & 78.6 watch price action
AB=CD pattern completed , oil can go down to the first target then to second
Current algo targets (red circles) Crude algo intra work sheet 645 AM Dec 2, 16 FX $USOIL $WTI FXCM #Oil $USO $UWTI $DWTI $CL_F #OOTT #Algo Considering the fact that a recent time / price cycle has expired algo targets are considered "soft" - waiting on confirmation. twitter.com www.compoundtrading.com
USOIL scenarios all are leading to short OIL.... the shark pattern, 5-0 pattern, ABCD & reverse head & shoulder
The relief rally across risk assets is welcomed. Yes, welcomed. The greatest thing about rallies such as this, is that they help alieviate technically oversold (or overbought - check out our gold call !) conditions. Crude oil is no different. From a technical standpoint, crude fell over 15 percent in short order since we pointed out the strong supply zone on...
Can be shark pattern & don't miss today report Crude oil inventories
Triangle may broken assinding direction as all signals shown on the chart. Target can be around $23.5 up to next March 2017