RIGTriple bottom at all time low. Similar pattern to $KOL (coal etf) and steel/mining stocks bottoming last year.
XLE
Despite #oil breaking higher, no breakout on #energy ..$XLE still has some work cut out before becoming bullish. $CVX $XOM $OXY $SLB
Long Energy to FinancialsXLE to XLF has done a 78.6% retrace, should at least outperform over the next few years here.
Oil's analysis towards OPEC meeting (September 22nd)Oil is trading inside a weekly trading channel.
The price is testing the bottom of the channel and a weekly uptrend line.
The price was rejected by a weekly downtrend line
Bearish Scenario - In case of a bearish breakdown, Oil can reach to the 61.8 Fib level to complete a bullish AB=CD pattern
Bullish Scenario - In case of a bullish breakout, Oil will probably climb towards the top of the channel.
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IHS on CrudePotential rally breakout IHS in crude. Normally don't like IHS patterns but this one looks legitimate.
Short option for O&GERF has had a large run up relative to other companies in it's industry. There is a large wick with large volume, this is a sell signal to me. I'd pair this short off with some long XOP but either way I believe it should work.
Head and Shoulders Vs. Bearish BatXLE is slowly making its way towards a very interesting weekly support zone - 60-62$
Notice that this price zone is the 61.8 Fibonacci level from 2009 low and from 2016.
Also notice that it is the neckline of a weekly H&S pattern.
If it will break, XLE can fall to 55$ and maybe even 50$
If it will hold as support, the extremely bullish scenario is that it will climb all the way up to complete a bearish Bat near 95$
Obviously it will have to re-test the MA lines as resistance levels first
Agree or Disagree?
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Energy (D): GasolineThere are three if/else statements with this trade.
If price fills the gap set on December 2nd and shows signs of buying, go long.
Else, stay flat and wait.
If price reaches purple region as indicated in chart, go short.
Else, stay flat.
If price reaches "Buy Here" level, buy there.
- Odds are we will see some action in this trade as long as price does not gap beyond forecasted prices. Gas and oil essentially have a 1-1 positive correlation, so follow this asset for some clues/ indication on energy trajectory.
USOIL trade idea.....Going long on USOIL by using GUSH. USOIL just completed a 3 drive to a bottom pattern. We can expect a turn here. Panic selling this morning is tough to go long into but the rewards should be there. Set a stop just below $43.
