First trading day in 2021 is key for NYMEX:CL1! AMEX:SCO it seems. Today was very volatile wide range day on high volume, traded completely out of value area of volume profile. I expect sharp drop on NYMEX:CL1! and you can trade it by this leveraged ETF AMEX:SCO . First target is 12.87 level If you like the idea, do not forget to support with a 👍 like...
If oil can't hold $42 range, SCO bearish oil.
Head and shoulders on 4 hr, FIB levels - .382 fib is $34.58, .50 level $32.83. Neckline for confirmation is $35.96. I am in SCO - Oil bear 3x etf and double inside day on chart. Covid news with some states spiking up with places re-opening. This would be bearish same sectors that fell in march. Happy trading, GL!
Im keeping my oil longs open into next week fam. SCO looks like hot garbage, check my VIX chart & 10yr. NDX has hit melt up phase but SP500 & DJIA still have room to run. DXY is till in free fall
These rising wedges typically do not end well. The MACD is tired and looking to roll over. Lets see what shakes out. Daddy needs a new pair of shoes
the gap down to $32 got filled, there is another gap down around $28 this could get filled as well. Just FYI
channel is broken, looks like an opportunity for brief short position .. As always, please do your own DD
WAY OVERSOLD and oil companies cannot function at this level. There will likely be another cut coming soon. Stay within the lines. *I trade based on 1) Opportunity, 2) Fundamentals, 3) Chart Trends, and 4) Pure Luck. Follow me and Let's Win Some Money Together.
The measured move of the head and shoulders pattern goes to $15. I expect the recent low of $20 to be retested. If that support breaks, then $15 is the next support. Oil is facing a demand issue more than anything. 100 million bpd global production and the demand has been cut by estimates around 30%. Which makes sense since about a third of the world is under...
SCO is at a critical point right now. It seems that the large H&S has played out and quickly retreated after Trump tweeted about a potential deal between Saudi and Russia to cut oil production by 15 million barrels. No one knows exactly what the outcome of the OPEC talk occurring next Monday is going to be. If the plan falls through and political tensions...
With US and Saudi Arabian cooperation, likely Crude oil will be taken to approx. USD$10.50/brl. The Saudi's can produced for US$7-8/brl. Higher political agenda, means it will be pedal to the metal for Saudi Arabia (13 million brl output maximum from April), to eliminate Iran once and for all.
Crude oil (CL) is in a 15 year old declining wedge / pennant approaching top trend. Will it break out above this time or make another trip down to bottom trend first?
WTI linear scale monthly study highlighting descending wedge and ascending channel.
After break down of Symmetrical Triangle for both Brent and WTI Crude Oil chart, this ultra short ETF have spike UP. I believe oil prices will continue to trend lower due to trade war and possibility on china using iranian oil. Expecting ultimate price target of this ETF $40.00 Thoughts for discussion.