Oil: Might have bottomed here, next week the downtrend expires
Updated
As discussed in the KHL chatroom, it is likely that oil has bottomed here, considering the sentiment extreme and the situation in Saudi Arabia, with Mohammed Bin Salman appointed as the next in line for the throne, replacing his uncle: bloomberg.com/news/articles/2017-06-21/saudi-arabia-names-mohammed-bin-salman-as-crown-prince-j46gx3nq
This is an interesting signal in its own right, maybe signaling a bottom, which Tim West pointed out as logical. Sentiment is very negative, with analysts claiming oil is basically a 'worthless commodity'...do your own due diligence.
Good luck!
Ivan Labrie.
This is an interesting signal in its own right, maybe signaling a bottom, which Tim West pointed out as logical. Sentiment is very negative, with analysts claiming oil is basically a 'worthless commodity'...do your own due diligence.
Good luck!
Ivan Labrie.
Comment
Excellent action here: Comment
Looks good.
Comment
Excellent so far...but, 
USOIL has 2 more days to hit 47.80 or it might slow down, and maybe retrace for a while Comment
Retraced, we can reenter/add back to it here:Comment
zerohedge.com/news/2017-07-08/when-facts-change-oils-biggest-cheerleader-capitulates-andy-halls-full-bearish-lette USOIL chart Comment
It was a bottom there...I cut my long in half after adding on the recent lows a day ago. The trendline break brough in technical buyers, but if we don't hit 47+- today, there's a chance to go back to support at 45.30. The market probably won't breakout sharply before July 24th. -OPEC/Non-OPEC meeting date-Comment
Comment
The rally continues: Comment
This idea has so few likes...shame on my followers haha....
jk
...
seriously...
Comment
USOIL very close to target #1, considering sentiment, I am cautious here, we could short it against our equity holdings if needed 
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
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.