futuristic13

futuristic13

Fuchsia Means Buy! Not this simple on a daily basis, but you get the picture. Move down still possible given that it hasn't seen the low made on Friday in a month and a half, give or take a few days. Some panic selling could attribute for the large move down. Technically, it's a perfect move down to complete and start a new cycle. Leg down off of back-end (not...

futuristic13 Updated 

Above the yellow line, price is back in the upward channel, released from previously.

futuristic13

Low target of 62-60.50 High target of 75 Let's see if it tests the line any more before going up.

futuristic13

Possible Ranges April 11 date indicates wildcard; technical price adherence may fail to materialize on report release, or be exaggerated by it.

futuristic13

Red line is good support for CLK2018 I can't seeing it falling below before April 11. At the end of the formation, I see the E.I.A report providing momentum to break out of the formation. These price jumps would be price discovery. Eventually, large draws won't move the market as much, once surprise about the tightness of the market is more widely available....

futuristic13

In my opinion: Three possible levels of support, although fundamentals are clearly in control of CL1!, although this will most likely retrace a bit; the move from 62.00 to 63.80 was on lower-than-usual volume, so best guess is that we could see some precipitous drops around those levels. But the fundamentals are in control and will write the path of technicals...

futuristic13 Updated 

Let's see if the price stays inside the shaded areas.

futuristic13

+133 ticks or 26.6% Storage report numbers need to be as expected or better for 63.50 to hold, in my opinion. Risk premium looks like it's returning.

futuristic13

Modify Paper Trade 031920181345 Entry @ 62.17 New SL @ 63.01 TP @ 64.00 Was able to move my stop up and protect profits. VWAP is lagging behind, but not by much. Storage numbers, if they come in as expected or just below, we should see the VWAP move up substantially.

futuristic13 Updated 

In USOIL at 62.17 TP at 64.00 SL at 61.50 I think price action will become more reactive to storage reports as we reach the summer months. I don't expect too many surprises to the downside. I like the entry here because it was very close to VWAP; In my opinion, in the process of the market doing price discovery, learning the complete picture of a possible...

futuristic13

Price in the triangle should hold, but if it brings out to the upside, I see 62.50, 63.00, 63.50 as psych levels and as resistance and support, respectively. It won't take too much good news to propel this 50+ ticks at a time, given the long-term upside for CL1!. Waiting for a new formation upward to coincide with the end of maintenance season and I see price...

futuristic13 Updated 

Let's see if a good rig count sends CL1! over 62.50

futuristic13

VWAP moving up nicely, but no where near price level. Although given the long-term bullish outlook for USOIL, possible bullish story from the rig count, and rising geopolitical tension, if this can take out 62.48-62.50, 63 is possible. On the downside, if the trailed off volume after 61.32 is an indication that it's just a short-squeeze, then I'm looking at 61...

futuristic13

Exited @61.55 +113 ticks. Price jumped right at the end of the triangle. Feels even better than the +113 ticks.

futuristic13

Support line tested overnight; still waiting for direction. Rig count lower than previous might prove for upward momentum. Would have to be glaringly bearish for price to move down substantially, i.m.o. A drop to 61.01 is possible.

futuristic13 Updated 

Entry @ 60.38 SL @ 60.99 TP @ 61.51

futuristic13

Entry @ 60.38 New SL @ 60.99 New TP @ 61.51 I see enough momentum to get back to the top of the trading range in the descending triangle, but not enough to get to 62, at least not without speculators buying on bullish rig count. Parked the SL closer to VWAP. Closing in on the end of maintenance season, so buying and speculator buying should increase as storage...

futuristic13

In at 60.38 TP at 62.09 SL at 59.03 Top and bottom of ranges. Inventory news should meet or exceed bullish expectations Putting some faith in the support and resistance lines