A crude look at Crude

J

jjgallow

...and the jokes don't get better!

Attached is a chart with some crude technicals on it.

I thought I'd start my own thread instead of cluttering up others.

Looking at crude, I'd say it's due for a bit of a correction. Nothing major, just a newer trading range as my rather crude chart would suggest.

You could really interpret it either way from my chart, although I believe the fibonnacci lines suggest a downward trend and definitely the fundamentals are there for some consolidation.

Weather was not as bad as predicted, and is a short-term phenomena.

Supplies still increasing.

No guarantee that OPEC will follow thru with cuts.
 

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Good video..

I'll admit it though...


this thing is going to touch 60 first :(


...only thing i was right on....those fibbonacci lines can be interpreted either way, lol.


Nigeria sucks
 
Here is a a result of my last, play...for which I think there is still something to learn from. Once crude passed the Fibonnacci midpoint, it was game over.
 

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What was your last play? You are talking about the upside breakout, correct? We may hit 60 this morning, we're very close right now...
 
Lol, I wish I was.

I was reviewing my mistake, betting on consolidation earlier last week.

I am long now, yes.


Still hasn't touched 60, but awefully close. I believe there will be a gap to fill at $58.86 before the next attempt.
 
Filled gaps (filled more than I guessed), headed back up.

Just broke some resistance at $59.20, although not convincingly yet. May spend some time here. If it can close here or higher, it makes the next attempt at $60 that much more feasible.

Very technical trading right now...psychology of $60. Would take some pretty big news to change the pattern, imho.


p.s...I'll throw my prediction for $60 as on tomorrow's open, or more specifically very late tonight.
 

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It's been rightly pointed out to me that crude has double-topped. Somehow I've made money today, but not enough to cover my initial losses from last week.

I may be best to take a breather, lol
 
Double top on your chart, yes, but I'm still bullish. Like natty at 8 bucks, it wants to go there and keeps getting very close, but encounters selling resistance up near the whole number. I heard it did actaully trade 60.00 in the ring this morning, but there was a violation so they took the print down and made the high 59.99...

You out, or did you get back on thehorse?
 
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or call +2348054175467
 
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