USOIL - Long now, soon or no? + Long term view
Hi there,
Either i'm a little early, right on time or dead wrong.
I see a potential long move with the monthly coming to an exhaustion.
Triangle transitional pattern.
Price bouncing/rejecting off the other side of this downtrend.
Bulls starting to buy. Looking for follow through from the bulls.
If so this COULD possibly be the bottom of USOIL.
We MAY or MAY NOT come back down later on to test this area again.
I believe we may be overextended to the short side and time for a long in USOIL. (my own personal idea is that we'll eventually see all time highs in OIL. If we look at the previous 2 recessions, OIL has SPIKED HARD to incredible new highs every time. This new LOW point could be the price needed to begin the momentum to higher prices. So based upon this long term view, i will try to trail my long entries)
I could be wrong and price could come down now for another test of this area.
I'm leaning a bit more onto the long side and looking for this to bounce up.
Will follow along and strategically trail this long in the case that we could swing for high prices.
Either i'm a little early, right on time or dead wrong.
I see a potential long move with the monthly coming to an exhaustion.
Triangle transitional pattern.
Price bouncing/rejecting off the other side of this downtrend.
Bulls starting to buy. Looking for follow through from the bulls.
If so this COULD possibly be the bottom of USOIL.
We MAY or MAY NOT come back down later on to test this area again.
I believe we may be overextended to the short side and time for a long in USOIL. (my own personal idea is that we'll eventually see all time highs in OIL. If we look at the previous 2 recessions, OIL has SPIKED HARD to incredible new highs every time. This new LOW point could be the price needed to begin the momentum to higher prices. So based upon this long term view, i will try to trail my long entries)
I could be wrong and price could come down now for another test of this area.
I'm leaning a bit more onto the long side and looking for this to bounce up.
Will follow along and strategically trail this long in the case that we could swing for high prices.
Note
Looking for strong rebound from this trendline. Need strong bulls and follow through. Note
The higher time frame candles weren't strong enough. Bears dominated.Note
Might be the one. Looking for the follow through on 1 hour next Note
1 hour wasn't strong enough from the bulls.I'm off to sleep guys, look for strength on the one hour. Continuation of buying from bulls, if looking at long moves.
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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.