Bounce idea for oil
Oil is losing upward power and the oil ETFs are becoming overbought and oversold. This idea is playing a daily bounce back to the 10EMA and gap area. After that oil will have to figure out which to go.
Trade active
Oil futures may go bull over Sunday night, but it'll be limited. Oil won't last long over $50-51. It may make this new high, but oil runs the risk of snapping back in exhaustion. In the horizon, Oil could make a 2nd bull run towards 51ish, but that's to be seen.Oil ETFs are pushed to their max on their RSI, so a counter move needs to happen in the near term future. I could see one more price spike, but that would be the end.
Trade active
Quick note. Oil did rise over Sunday night and my topping thought happened. A near even $50 happened which is saying physiological level to me. I'm liking the $47.50 area for oil support more now.Trade active
Oil has been choppy making new highs overnight. If oil dives towards $47.5 today then I'd sell SCO near the $39 area and I'd call this idea complete reaching the 10 EMA. My thinking is oil could bounce back up making new highs near $51. This is all conditional, but most of the time more than one price path is needed in the markets.Trade active
I meant 48.50ish on oil maybe 47.50ish on a sell off. See if it happens today. If it happens I'd sell SCO and see what happens next.Trade closed manually
oil looks a bit bull and thinking the 48.50 oil maybe the low. IF oil goes bull then I'd rebuy near 34ish.Trade closed manually
Still sketchy here. I may reenter with momentum, but today's rejection was a lot without reaching $39. If oil goes bull again then the 10 ema would touch today's SCO daily wick. Oil drops again then I'm back in SCO other wise it could drop to the $34 area. I target $51.50 for oil if bull. 5150 Van Halen.Anything could happen in the markets, so be like water.
Trade closed manually
Still waiting. Oil made a crazy snap back bullish, but it's not really moving ATM.I was looking for solid bars with SCO and all we got were wicks. I'm eyeing the 34ish area to buy SCO again. That should but the RSI under 30 on the daily. See what happens.....
Trade closed manually
Oil 48.50 is key for bullish or bearish movements. Oil didn't move much today so no point taking a position.Trade active
I took a position. SCO closing 38.75 or greater is good.Trade active
SCO did make a bullish engulfing candle pattern and the inverse USO oil made a bearish engulfing pattern. Still closing the daily oil under $48.50 is the next bearish step.Trade active
I'd like to see oil head towards the 47.50ish area. I'll take profit in that area from SCO and look to reenter on a bounce.Trade closed: stop reached
not moving enough to have a positionTrade closed: stop reached
Oil is still bull until it isn't. This idea was for a bounce which didn't happen. I won't go long on oil or short till something breaks.
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.
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.