CL1!, Have we really bottomed?
I am not pro here, so i cant have 2 screens inside one post but i will post the 2008/9 for comparison at the comment below
If you can have two screens comparing side by side or overlay of these two "bottoms" please do add in the comment thanks
Have i missed out the most important and yet obvious observation huh?? Is this time going to be different or history of 2008/9 oil BOTTOMing process has repeated.
We see that after a prolong plunge and bear oil market since last July 2014 and price had made 2 dips with BUllish divergence. Looks like a W bottom so far.
And the moment price breaks 54.. it seems that there is a layer of No man's land just like the last two weeks of Dec 2014
I slapped myself silly, pinched my cheek hard so that i am objective about this price action.
RV and Spydercrusher have shown linear chart of CL1! that basically oil found support at multiple year uptrendline
Please do comment
I am so ashamed of myself for not picking this bottom while i am able to do it for XLE. WHAT THE HECK am i so silly
Bang my head on the table ^_^
P.S. Diff this time? I should wait for retracement now and Long.. any downside should be hedged with shorts
If you can have two screens comparing side by side or overlay of these two "bottoms" please do add in the comment thanks
Have i missed out the most important and yet obvious observation huh?? Is this time going to be different or history of 2008/9 oil BOTTOMing process has repeated.
We see that after a prolong plunge and bear oil market since last July 2014 and price had made 2 dips with BUllish divergence. Looks like a W bottom so far.
And the moment price breaks 54.. it seems that there is a layer of No man's land just like the last two weeks of Dec 2014
I slapped myself silly, pinched my cheek hard so that i am objective about this price action.
RV and Spydercrusher have shown linear chart of CL1! that basically oil found support at multiple year uptrendline
Please do comment
I am so ashamed of myself for not picking this bottom while i am able to do it for XLE. WHAT THE HECK am i so silly
Bang my head on the table ^_^
P.S. Diff this time? I should wait for retracement now and Long.. any downside should be hedged with shorts
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.