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Weekend update on USOIL (WTI)Looking at my recent postings I realize some of my labeling in inconsistent. So I will try to label again that hopefully makes more sense. Basically I see the action since the low of 1/20/16 to now as part of a A-B-C correction pattern. It still could be the start of a new larger scale 5 wave up but that seems less likely but could be considered if the recent high is majorly taken out. Of course corrections can come in all kinds of forms and be very frustrating to trade. My best guess however is that over the next week or so there will be one more wave up. It would be a "C" wave which often are quite energetic. I still think the 36-37 area is a likely target. At that level (C) =(A) and C =1.6x A and it reaches overhead resistance from the previous near term high. If we drop out of the larger channel then I am most likely wrong and will exit. Hope this turns out to be helpful. Have a great weekend and great trading next week. Goodguy Feedback always appreciated.
FX:USOILLong
by goodguy
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