Oil traders - Diamond Offshore weekly says "straddle me!"Diamond Offshore's weekly chart showing 2 potential outcomes for May options expiration: 40 bucks or 23.50. Catalyst? Earnings on the 4th of May.
The pitchfork pivots are clear as is the intersection of the midline with resistance at 40. Haglopian line pretty clear and would mark a new low.
Also clear is the current price box between 30.60 and 29.06 (found that on the daily chart). All this offers a good set of entries for a straddle. Or just wait for the 4th and bet on the horse after it has left the gate (sometimes that is the best way to make money )
Oilstocks
OAS OIL TradingI am in once it crosses 5 cents over the 5DMA
Entry at 13.67
Target: 14.62 : 7% Stop: 13.15 : Loss: 3.6%,
A Profit/Loss ratio of 3 : 1
regards,
Jason | Tbltraders.com
Chop, chopCrude is still bouncing around and not finding a direction. Stops are building just above the 54.20 area. If we take that out we will most likely see a nice move. In the mean time we sit on our hands and wait for a good setup. Nothing yet. Keep on the watch list.
What to do with range bound oil!CL is range bound for now and could go sideways for a few week. We are still trading inside the monthly trend line and we will favor the upside for now.
Watch more CL commentary: youtu.be
Small long possibleCrude had a nice bounce Friday. The volume was strong and now price is trading back inside the Monthly trend line. A test back down into that trend line and we will look for triggers long.
See our weekly update for more: youtu.be
USO Fibonacci Levels Support & ResistanceWTI Crude, and USO by extension, continue to hit and bounce and break through three key sets of Fibonacci projections/extensions. Overall sentiment is bearish. I Included the Fisher Transform, Vortex Indicator, and the Ultimate Oscillator as other relevant predictors of price action. I believe WTI and Brent are headed much lower, even to a 'one-day-only' $15 print in WTI.
The train is still rolling...choo, choo!CL made a new low in the March contract. The continuous contract is within a few ticks. Regardless of what contract you are trading CL is still weak and standing in front of this train wreck is bad for your account. We will stand aside until we see the first sign of upside volume then we will place it on the watch list.
Watch more on our Weekly Video Update: youtu.be
A Rest for Crude Crude is taking a much needed trade as pikers come in looking for a big bounce. While we would expect a bounce we feel that crude may have one more test of the lows before buyers step to take profits. For now we are on the side lines being patient.
Is she done?Crude got a much need bonce on Friday after making new low in the globex session. While the bounce is nice don't expect crude to go straight up. We will look for another move lower from the upper trend line (red). We will wait for a lower time frame trigger. This trade will have great risk/reward.
See this video for more: youtu.be
