UWTIIm buying into this rally in Oil. I see us in a half cycle consolidation right now with an upside target of $26. TSI is bullish with a zero line crossover.
Gush
CPECPE, met its earnings estimate and with oil finding a bottom looks poised to run to $17. The $17 area would complete the T1 pattern. Going long
USOILTrying to target USOIL. Sooner or later the trade must end, trying to determine a top is tough. I see 2 scenarios. On the attached chart. EW 1-5 is clear with a target of $53.43. Also, I can see a smaller 12345 within current wave 3 (green dotted lines) which would have a top at $49.11. I'm leaning for both to be correct. a pullback shortly wiithin the red resistance zone, then a push higher to (5). That would also make a completion for the current move and AB=CD continuation to (5). Either way, OIL goes higher.
GUSHLooks like the energy sector is starting its next cycle move higher. The gold candles represent the last move starting around January. Energy sector runs in 30-50 day cycles. This could be a good move higher for a while.
UWTIUSOIL has been moving lower, so where is a good spot to enter? Look at the attached chart. I see a possible double bottom at or around $13.73. I have an alert here, if it hits I'll look closer. I bet it hits. I also have several other USOIL charts, all look for lower prices below $40.
USOILIf wave 3 = 1.618*wave 1 and 2=4
and wave 5=wave 1 then the bottom for
OIL will be around $38.9
USOIL has broken its downtrend lineAfter a sustained drop, USOIL is now favorable on technical analysis.
USOILLooking at the charts for USOIL, all I can see is a Harmonic patter forming. The Bullish, Bat pattern will typically retrace to 88.6% of the previous XA run up. This would put USOIL at $37 a barrel. I won't short this, but if it gets to $37 I will go long in energy.
USOILUSOIL is suffering a severe pullback. Dropping form a high at $51.43 its now at $46.43. I had originally had the 12345 going up to $60. I am now thinking we had the 12345 complete at $51.43 and are now going through a ABC correction. If A and C are equal we could go as low as $44.57. If we get a double bottom here it could be over.
LGCYLGCY looks to be completing an AB=CD pattern. Already past the 61.8% Fibo retracement. RSI is oversold and moving higher. IF CD=AB we could get to $4.50 from here which is greater than 100% return. With OIL moving higher this stocks downside looks minimal barring some FA issue.
USOILUSOIL hit my $50 target last week and appears to be rolling over after hitting the resistance area in the blue box. The EW pattern is complete at $50 so an ABC correction is expected. RSI and %R are both overbought. volume dropping off.
I'm taking a small trade in ERY here near a double bottom.
XLE Energy SectorWhile its not a done deal, I would be lightening up in the energy sector. I Bearish Bat formation could be forming. Typically they go to 0.886 retracement. We are not there yet, but getting close. Volume is dropping off some. RSI is making a lower high. Look to get back in around $59. I wouldnt try to short this but I wouldn't be going long either. Neutral.
USOILBreak out of the trend line shows promise for USOIL. Look for a rally and play UWTI to get the biggest band for the buck. Energy sector jumping higher here. GUSH is up 21% today.
