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Are we in a New Range? $GUSHI'm still following the direction of AMEX:GUSH . Given today's initial drop back into the range I was following, I am wondering if this is a new price level for consideration. I am still long oil, but there may be external factors that are worth considering as well. Of course, beyond April, I do not expect to remain as confident is upward price movement in line with the trend we've been seeing. As production outside the US increases, I'd expect things to get a bit hectic as new price levels are established.
AMEX:GUSHLong
by DSMJFinancial
3
WTI: formation similar to SPX and NasdaqHi Guys, the pullback from C continues and it's looking more and more like a continuation of the bulls run initiated back in April. From September to October WTI accumulated before rising up again in November. This accumulation period resamble a WM formation with some harmonic patterns inside (XABCD). It is very similar to the harmonic pattern unfolded by Nasdaq and SPX: Please share your views and comments below. Thank you for your support and for sharing your ideas. Cozzamara Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities. IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
FX:USOIL
by cozzamara
WTI: November 2020Hi Guys, November is ending today and it has been a positive month for WTI unless today's meeting by OPEC+ ruins the party. Since OPEC+ mended their differencies back in April and started implementing drastic production cuts, WTI climbed back above the blue horizontal line and was supported above it before running again this month. SMA points down but still well above latest candlestick. Sentiment testing its medium point of equilibrium in conjunction with price testing violet horizontal line which represents previous level of support now became resistence. I'd look for a contact with descending bearish pressure represented by SMA and red trendlines. However NOT now. Maybe in January or February next year. It also depends on how it unfolds the pattern in the circle which will mainly depend on OPEC+ decisions. Let's wait for the outcome of OPEC+ meeting. Please share your views and comments below. Thank you for your support and for sharing your ideas. Cozzamara Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities. IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
FX:USOIL
by cozzamara
1
WTI: what's happening in the circle?Hi Guys, watch out for news from OPEC+ The pattern in the circle may be the beginning of a flag or a pennant. Following the divergence with sentiment (RSI) between S2, S3 and S4, price started a pullback above Saudi-Russia Oil Price War levels of 43.830 where it formed the pattern inside the circle. So far the pullback is made of an impulse(1), a correction(2), an impulse(3), a correction(4) and another impulse that took it above 43.830. What is going to be its next move? Please share your views and comments below. Thank you for your support and for sharing your ideas. Cozzamara Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities. IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumstances.
FX:USOIL
by cozzamara
1
Oil Struggling with HighsOil peaked up past the 41.29 level for a brief moment, before returning back to the range it has been holding all week. Oil has been making higher highs and lower lows, a tell-tale sign of a bull rally. Also the Kovach OBV has been quite bullish. However, it is having trouble breaking higher levels. the 41.69 proved quite difficult and it got smacked down from this level easily. Hence this rally seems quite weak by comparison with other oil rallies so dont get caught up in fomo. A 200 tick squeeze is not uncommon for this product and we have not seen that recently. Note that this could mean that oil is coiling up for a breakout, as the lack of volatility suggests a consolidation pattern. Longer term, it looks like we have a giant bull wedge forming.
NYMEX:CL1!Long
by quantguy
Best Ideas for Trading OilOil broke down from our bull wedge pattern. This is fairly common, and these days bull wedge patterns are only slightly more probable to break to the upside than the downside, especially with something so precarious as oil. It dropped the full extent of the Fibonacci retracement levels, finally catching support at $38.89. It appears we are forming a small bear wedge pattern at current levels. Watch out because there is a vacuum zone below to a POC at $37.11 and then $36.14. If oil catches a lift, watch for resistance at the Fibonacci levels above.
NYMEX:CL1!
by quantguy
1
Bull Wedge Forming in Oil?Oil is still holding a 200 tick range. The lows are picking up which suggests it may be forming a bull wedge pattern. The Kovach OBV is gradually picking up suggesting that this could make a great breakout trade. 40.87 is the level to watch for a breakout. There are a few levels to watch after that, which will provide resistance. But mainly the relative high at 41.73. If we are wrong, expect for oil to retrace down to feel out the range again. It will likely test 38.96 again.
NYMEX:CL1!Long
by quantguy
Will Oil Breakout?After plummeting about $7, oil is maintaining the range along with other assets as it finds footing in this new territory. We have very good alignment between our Fibonacci levels and other technical levels. We can therefore be confident in the areas of strong support and resistance. Currently, oil is stuck between $36.18, the lower anchor of the Fibonacci levels, and $37.92, the .236 Fibonacci level. We have two technical levels in between. Currently, oil is sitting at one of these, $37.24. The Kovach OBV has completely flatlined, suggesting that the bleeding is over for now. If you anticipate a breakout, watch for buying volume at the upper bound of the range above.
NYMEX:CL1!
by quantguy
Inverse Head and Shoulders in OilOil is forming an inverse head and shoulders, after a huge selloff which finally broke the range it had been establishing over the past week. That range was unusually low for oil and we anticipated a breakout at some point regardless. In a previous briefing we alerted you as to the psychologically significant $40 level. The head of this this inverse H&S came very close to this level before retracing to form the rest of the pattern. There is a vacuum zone above back to the lower bound of the previous range at $42.48. The Kovach OBV is still bearish but it appears to be picking up. The Kovach Chande is quite bullish, which means a breakout could be near. Watch lower levels for exit if we are wrong.
NYMEX:CL1!Long
by quantguy