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.
UWTI
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.
USOIL Head and Shoulders PatternUSOIL is forming a Head and Shoulders pattern on a medium/long term timeframe; it bounced off of the $26 dollar mark, allowing oil prices to rise to a high of approximately $52 a barrel, paying off handsomely for oil bulls. However, now concern is increasing as over extension and limited profit potential, oil bulls are beginning to take profits as selling pressure increases. I'm going to be shorting this from approximately 46 dollars with a stop loss at around 48 dollars. The first resistance point in question is 37.8 then 26-26.1. I suggest looking for a reversal to confirm the Head and Shoulders pattern. Thank you for viewing my analysis.
USOIL Corrective MovementWith nearly a 5% gap between the current price and the base line and the rejection of the 45.92 dollar mark, indicated by the inverted hammer with the green highlight, the security is very overbought we can expect a corrective structure to take place and thus retrace back to the ~43.5 dollar mark. Please note that this is a short-term analysis and thank you all for the positive feedback.
Short OilDon't Overthink it. Over Supply Continues and Saudis will not compromise to anything unless the Iranians are also on board. And we know what the Iranians are going to do PUMP PUMP PUMP.
Short term update on crude: near term target Breakout today from small "V" formation. Would not be surprised to see a pause at the down trend line then likely further advance.
OIL - watch this carefullyWatch the Next 50 cents very carefully. Oil needs to make lower lows and stay in the band.
Right now all forces are pointing South
Oil continues to go down on high volume.
MA 50 (Red line) is below MA 200 (Grey line)
China is just starting to end it's massive strategic reserve buying
Iran is doubling it's production
US production has gone up
Canadian stock is hitting the market again
Oil More Downside Suggested on Weekly & May Impact MarketsOil may retest 50 week moving avg. (bottom of Kumo) or test the Ichimoku base line. Markets may respond to oil in low 40's.
Many oil experts have been claiming oil should turn around in late '16/early '17. The weekly Ichimoku seems to agree. But it also suggest more downside before end of the year.
USOIL Inverse Head and ShouldersLeading diagonal pattern support for wave 5 at 45.81. Wait for strong break through at 49.68 to CONFIRM the inverse head and shoulders. TP of 54.04 TIGHT SL.
"Crude Update" $CL_F $USO $DWTI $UWTI $Oil $XLE $DTO $UCO $CVX Time is early right now....At the "Area Of Interest" ....
Any failure below 43.67 on a closing basis triggers a possible attack at the 41-39 area.
Oil retrace, then back shortOil will retrace to bottom of previous bear flag.
It should hit around the time as Rig Report.
Rig build will push it lower.
Oil Bearish PennantOil consolidating for another move lower. BREXIT will lead a higher Dollar and Possible Hawkish Yellen
USOILUSOIL, new outlook. OIL goes to $45.27 which is the 38.2% retrace. Curerntly playing this short with DWTI and ERY. Once we reach $45.27 I'll flip to ERX and UWTI.
Almost hit my 18% goal. Risk increases into resistanceEarly May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.
Potential Oil Top for this Cycle5 and 10 DMA's lost in a rug pull fashion today as oil had a bull trap this morning to the $50 integer, followed by a rapid $1 dump in around 1-1.5 hours. MACD bear cross on daily, inverse hammer on daily, etc.
