USOIL has started to show signs of stalling and reaching an equilibrium between bull and bear activity... It is not making a run in futures. Indications from oilfield preparation industries such as HAL/LBRT both showed regression from "Covid Season" highs. Whether
HAL can sustain support 20-plus per share remains dubious, and LBRT has met resistance to its fracking efforts - which at one point were driving its stock upwards towards rival HAL's. For now, it is a crapshoot on these two positions, as well as ETF's such as
GUSH, which bull run oil. There are other industries to sector-shift to, until the next time Oil is ready to make a bull run. For now, it is reaching a ton of resistance every time it hits 46.65 or higher, and it is currently bouncing around that exact seeming-ceiling in futures. With the COVID vaccine expected to boost the markets somewhat, it remains to be seen if US oil has some pullback still to do in this next upcoming consolidation wave.
Again, trade as you may, but all oil positions are sidelined for this trader.
While long-term I remain very bullish (see attached idea) the short-term picture is too unclear at this point.
Go forth and prosper, howsoever thou'st may.
BDR
Note
There are enough bullish indications for the upward ascent within the current trade channel. This must be watched very closely; the marked pivot point should be a very high ceiling if there is a continued bull run, even so.Note
Well, a 58c/bar increase pre-market is significant: It might hold to that upward channel just fine. Perhaps a "bad idea here," even.Note
A big reversal by oil supports this theory a good bit. Down 1% on day now. Prob bounces back tomorrow; just to reverse again, Sidewinding fun.Note
As said, it's bouncing back from the over-correction. For something I initially doubted, all of this is actually spot the **** on.
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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.