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DWTI

Oil is doomed?From a purely technical perspective I think we're incredibility close to a short term bottom now, even with a lower low in the weekly it is still printing a bullish divergence in the RSI here. Currently, geopolitical factors plus the record short relative to longs position are a huge tail risk as seen today from the US EIA oil inventories (-3568K vs +1300K expected). Mainly a short covering event. Keep a lookout for some reaction once oil hits $32. It could be a huge buying opportunity for UWTI or CL1! $44 call options. Until then, the stage belong to the bears.
FX:USOILLong
by LastBattle
5
Oil drillers - way overdue for a huge bounce This is a time where all fundamentals about the oversupply of oil, glut, and worsening global economy should be ignored. It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms. No, WTI (USOIL) isn't going to $20 in the near term yet. I do see a possibility of it testing $48~51 range again. Seadrill Limited (SDRL) Almost 20% away from the lows made in 2009. Price have not recover the slightest bit despite oil price recovering recently. Near term target is $9.5 range. Best of the 3 drillers and current price is a huge bargain here! I am accumulating this at current levels. Transocean LTD (RIG) Price recovered 27% from the recent lows. Not much opportunity unless you're going to hold it for over a year, a recovery to $26 is almost entirely possible. I would wait for a retest of $12 to pick this up. Diamond Offshore Drilling Inc (DO) Keep a lookout for $17~19 level for longs. I don't see much demand in this relative to SDRL and RIG yet. WTI price: ----------------------- Good luck :) and have a good trade.
NYSE:RIGLong
by LastBattle
6
"Just a cup of coffee" Plz!Cup & handle Bull flag breakout Notations on chart! If you agree with my chart(s) or just want to show appreciation - please... click the thumbs up in top left corner of the chart. I would really appreciate it! Thanks! Trade What U C @BLawrenceM Disclaimer: twitter.com (I'm long alrady) Follow me on Twitter for intraday updates and scalp plays. I do my updates there. It's a lot quicker and easier for me and you get the benefit of having the update by phone or tablet I hope to see you there too. Music at work: Trisha Yearwood Just a cup of coffe www.youtube.com open.spotify.com
DLong
by CoinedByCrypto
12
Too slippery to fallPretty clear by now, Western Texas Intermediate (WTI) have been developing a megaphone-like consolidation since January, 2015. The new lows made just a week ago is positively diverged, without having new lows on RSI which is a big buy signal. Open: 46.61 S/L: 45.20 T/P: 54.11/ 58.77 Dollar analysis: In my opinion, the Baker Hughes Rig count is nothing more than a distraction of what the market intends to do. I'm bullish in oil in the short term and long term. It does not matter if the rig count decline in speed/velocity or not, the market will always have their excuse of why its going up after; when technicals have long confirmed that.
FX:USOILLong
by LastBattle
35
Became never a valid pattern !Became never a valid pattern. It was made in the early minutes after little swing up. B Leg exceeded the 61.8 and later the 78,6 and went for a test of latest swing low. ------------------------------- It's in the early minutes of a possible Bullish Gartley.... BUT... and there are several BUT(T)s that still can twerk this pattern apart. Nothing is for sure yet! We have to see where the C-leg ends and for that matter also counting in the B-leg as well. We don't know if the B-leg is in yet ... but if it is ...a Bullish Gartley could be the outcome or at least a bullish harmonic pattern with a deeper D-leg. Safe trading ladies and gents! @BLawrenceM
ULong
by CoinedByCrypto
2
Natural gas or oil provides more return in this recovery?One of the great feature I like with TradingView is the ability to compare different ticker via arithmetic addition/division/subtraction. From here, I'm comparing between UNG and USO. Since both are directly related to energy, tough choice huh? Charting it out helps a lot and we can see a clear breakout trend between the ratios! Clearly Natural Gas (UNG) might possibility provide the best return for your money on energy as compared to Oil (USO) over the long run. ------------------------------------------ ** Note: USO have been severely under performing since 2008 after the recovery of oil price due to the price difference between each month's oil futures contract. It will not be a clear reflection of the actual market. This is only if you're considering between USO or UNG. Try it out by charting other ETF/ETNs/stocks by yourself!
BATS:UNGLong
by LastBattle
2
A Possible Bearish Shark ....No longer! See Comments why!If reversal here at the 2.90ish and a gap close there is a possibility of a Bearish Shark ------------------------------------------ Have sold at the second spike at 2.14. Entry was at 2.89. It looks more bearish now. No follow through and a full retrace of spike. I doubt we'll see the Bearish Shark. Next possibility is a Bearish Cypher. That will retest the 1.272 or a test of recent lows at the 1.618 fib. I could see that coming with a close under 2.89. I'll will re enter on strength ! Safe trading here ladies and gents! _________________________________ Time will tell Safe trading ladies and gents! @BLawrenceM
U
by CoinedByCrypto
8
A bit more downside to comeThere's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months. It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom of $47) At this point you wouldn't want to be shorting, other than waiting for an opportunity to long once the confirmation is in. UWTI USO SDRL XLE
FX:USOIL
by LastBattle
3