Technical outlook on Crude

What do you think?

  • Agree

    Votes: 23 53.5%

  • Disagree

    Votes: 14 32.6%

  • Don't know

    Votes: 6 14.0%
  • Total voters
    43
Quote from increasenow:

the drop down is starting...went from 96.35 at 10CST to 94.67 about 1/2 hour later...forget $100.00 unless war or something extreme etc.
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That is simply intraday noise (and opportunity) -- big boys shaking out the weak hands. These shake outs are regular behavior for crude. If you're trading it intraday, timing is just as important as prognostication. Three and four dollar daily ranges are not uncommon lately.
 
Quote from increasenow:

the drop down is starting...went from 96.35 at 10CST to 94.67 about 1/2 hour later...forget $100.00
More...


That's only a move of $1.68
QM's ATR is currently at $2.60, so a move of $1.68 is all in a routine day.
 
Quote from ess1096:

Funny how different eyes see different things in the same charts. That's the nice thing about T/A.

I don't see a H&S in oil's chart. I do see a rangebound chart, $85-$100, that followed a nice run up. Could be a flag pattern.

A nice example of a H&S pattern, complete with a nice MACD divergence (on the daily & weekly), can be found in the Gold chart. If my neckline is drawn in the right place it was broken on close on Friday. Not to mention the 9day MA keeps pushing it down.
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Call me crazy but how do you not see a neckline ~ 87, shoulders 97-98 and the head at 100 ?


http://futures.tradingcharts.com/chart/CO/W
 
Quote from volente_00:

Call me crazy but how do you not see a neckline ~ 87, shoulders 97-98 and the head at 100 ?


http://futures.tradingcharts.com/chart/CO/W
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Sorry, I don't see a H&S in oil. I'm not saying you are wrong, if YOU see it then YOU should trade it as you see it.
I said before, the nice thing about T/A is that different traders see different things in the same charts. Perhaps I've been buying crude from you. The market will decide who is right. :)
 
Well, my sell order is in for $100. We'll see if we can hit it today on the March contract.
I'm probably going to sit on the sidelines after March expires at least until after the inventory numbers this week. Congrats longs and good luck everyone...
 
Phenomenal, looks unstoppable. Daily is still could be viewed as getting started, imagine if price actually BO above $100, how many sellers will get screwed then? Jeez!
 
Short Crude now, looking for weaknesses on short term charts, this one was based on 30 and below, entry based on 1 min chart's current formation. Stop within 10-20c

Stopped out, that was quick
 
SS, I closed Long a while back now :)

Re-entered on Short

10c stopped

Short again, same level pretty much

Another stop triggered

Looking like a H&S on 1 now, still more interested in short at the mo
 
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