Long OIL into OPEC (Nov 30th) (Daily)
Updated
If OIL trends the way i think it will, it'll be a coincidence in regards to the OPEC meet at the end of November. I just want to get that part cleared. :P
Short term speaking we're looking close to a bottom here at these levels. RSI divergence, 3 wave correction, and possible MACD crossover all signal buy right now. It will be interesting to see how Sunday night plays out, but I'll be looking at starting a 1/5 position at around the 42.60-80 area either Monday or Tuesday. If for some reason OIL gaps up or runs before open, I'll look at a close above 44.90 to enter. If OIL falls bellow (and closes bellow) 42, this chart is scrap. GL
Short term speaking we're looking close to a bottom here at these levels. RSI divergence, 3 wave correction, and possible MACD crossover all signal buy right now. It will be interesting to see how Sunday night plays out, but I'll be looking at starting a 1/5 position at around the 42.60-80 area either Monday or Tuesday. If for some reason OIL gaps up or runs before open, I'll look at a close above 44.90 to enter. If OIL falls bellow (and closes bellow) 42, this chart is scrap. GL
Trade active
Started 1/5 position @ 42.80.Note
Looking for a deeper correction before adding to current long position. Something between 44.80-44.35. Possibly late Thursday or Friday. Stop set @ 44.20 for current position. GLTrade active
Added another 2/5 position at close. Pivot point most probably happened overnight Friday at 3AM @ 44.54 (target I was looking for). Total position now is 3/5. Not sure I'll be adding more as I'm more interested in catching the top for a short. Target for my long has now been reduced to 47-ish. GL and have a nice weekend.
Trade closed: target reached
Sold everything at close. Sidelines until we see a clear short signal. GL
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