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The Oil Bottom Trade
- Thread starter apex82
- Start date
Quote from apex82:
However, I do agree that another range could be shaping up. You can see that today it was a few ticks away from my 64 level, which was R2. It will most likely have to take a breather to get through that.
12-11-06 09:51 AM
Oil pulling back as expected from R2 at 64.00. A good chance of moving a bit lower before attacking it again. All in all, still looks good on making to profit target 2.
It doesnt get much better then that... were on the way to Profit 2.....
fractal charts still show upward trend in OIH
Quote from apex82:
Quote from apex82:
However, I do agree that another range could be shaping up. You can see that today it was a few ticks away from my 64 level, which was R2. It will most likely have to take a breather to get through that.
12-11-06 09:51 AM
Oil pulling back as expected from R2 at 64.00. A good chance of moving a bit lower before attacking it again. All in all, still looks good on making to profit target 2.
It doesnt get much better then that... were on the way to Profit 2.....
I noticed you haven't been posting on oil lately. Are you still trading in oil, or are you trading a different instrument? Just wondering what your outlook in oil is at present.
I dont usually trade oil, especially in cases like this. From my analysis that 54 area was very strong support and pretty much the last hope for the oil bulls. The question is now is if this will be a confirmed breakout below it. It traded down to the next the support on an 81min chart. It is coming off a major double top but it is extremely oversold. Before getting bullish I would like to see this move below 54 a washout and get back above that $54 within a week or 2. This would confirm that it was a washout and you could get long again at a retest of the 52 area or 54 it gets above the second pink zone at 54.85. Since it did break down below that 54 level it is now a case of role reversal. We most likely retest this 52-52.50 left shoulder pivot area and head up to test the 54 area. The whole world is short oil right now, I would be careful jumping on the bandwagon.
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Quote from apex82:
I dont usually trade oil, especially in cases like this. From my analysis that 54 area was very strong support and pretty much the last hope for the oil bulls. The question is now is if this will be a confirmed breakout below it. It traded down to the next the support on an 81min chart. It is coming off a major double top but it is extremely oversold. Before getting bullish I would like to see this move below 54 a washout and get back above that $54 within a week or 2. This would confirm that it was a washout and you could get long again at a retest of the 52 area or 54 it gets above the second pink zone at 54.85. Since it did break down below that 54 level it is now a case of role reversal. We most likely retest this 52-52.50 left shoulder pivot area and head up to test the 54 area. The whole world is short oil right now, I would be careful jumping on the bandwagon.
Thanks for your input. Good luck in all your trading.
Just my opinion but, I see a drift higher over the next contract. In which March crude reaches the low 60's to mid 60's price area 64/65 $ barell. However, I still will remain bearish on crude for the rest of the year and maybe longer.
I'm expecting Crude futures to reach the low 40's to high 30's before the year is out...I would like to hear others thoughts on this and or projections.
I'm expecting Crude futures to reach the low 40's to high 30's before the year is out...I would like to hear others thoughts on this and or projections.