Long Oil into Opec Meeting - Your take
- Thread starter Broken_Trades
- Start date
Do you guys see support around $62-67?
If you look all the day back a year or so ago that
Would you expect some sort of dead cat bounce off these levels or for oil to plow right through?
If you look all the day back a year or so ago that
Would you expect some sort of dead cat bounce off these levels or for oil to plow right through?
I haven't looked back that far, will do so after work.
Look on a 60 min chart at the down trend line. Until it breaks this, it's still going down. A pause in the downtrend or a small retractment is normal.
I'm remaining short for now, but I would only enter a new position at a support or resistance area OR a trendline break.
Look on a 60 min chart at the down trend line. Until it breaks this, it's still going down. A pause in the downtrend or a small retractment is normal.
I'm remaining short for now, but I would only enter a new position at a support or resistance area OR a trendline break.
heres a couple charts (dont mind my mspaint skills)
Thanks for posting the chart. Excellent analysis. Oil is definitely finding support at 67. If it can't break through support then it may be worth going long (reversing for those already short). and if it breaks through then it's worth a short (or adding on a contract for those already short).
What do you think?
I was anticipating the market to move up today (still am actually) and I thought that'd bring up oil. Both oil & the indexes are very close to support.
Gold broke through its support at 739 and its short term support from yesterday at 720. Will oil follow? Gold should find support around 700-710. Gold & oil have been correlated so I'm watching both.
What do you think?
I was anticipating the market to move up today (still am actually) and I thought that'd bring up oil. Both oil & the indexes are very close to support.
Gold broke through its support at 739 and its short term support from yesterday at 720. Will oil follow? Gold should find support around 700-710. Gold & oil have been correlated so I'm watching both.
I strongly disagree that you should be keeping sells on.
Oil has made a double bottom just below the 66.80 level, and now has built very strong support levels at 67.06, 67.39, and 67.52.
If we can now build support at the 67.60 and .86 area i will be extremely pleased as ive got a £3 tick long from 67.92, target level set at 69.13.
I feel that that level is extremely likely to be hit either today or tomorrow, regardless of what opec does a thats now stale news.
The dollar is about as string as it can spike to, and yet oil is still up on a day that dollar stronger than yesterday, the dow is down over 100points from open today but oil still holding above those supports, and so theres now extremely little sace left on the downside for shorterm, but is alot of space from a rise of 1 t 2 dollars atleast.
Ive attached charts to make it easier to see....
Oil has made a double bottom just below the 66.80 level, and now has built very strong support levels at 67.06, 67.39, and 67.52.
If we can now build support at the 67.60 and .86 area i will be extremely pleased as ive got a £3 tick long from 67.92, target level set at 69.13.
I feel that that level is extremely likely to be hit either today or tomorrow, regardless of what opec does a thats now stale news.
The dollar is about as string as it can spike to, and yet oil is still up on a day that dollar stronger than yesterday, the dow is down over 100points from open today but oil still holding above those supports, and so theres now extremely little sace left on the downside for shorterm, but is alot of space from a rise of 1 t 2 dollars atleast.
Ive attached charts to make it easier to see....
Thank you for your charts. I agree with your assessment. I covered my short and went long. Will put my stop just below 66.80 and if oil goes below I will be ready to reverse and go short.
Thanks for sharing. I've been at work the past 2 days and haven't had time to follow the markets.
I don't trade news.