i have been looking for oil prices in the short term to bottom at the 45.6-46.1 level; This chart is meant to provide Target Prices for my 'Oil Channel - If It's Not Broke...' chart; please refer to that chart for more information on my overall view as this chart is intended only as a support chart for price targets.
I will buy/open long positions at 46.10 and expect that prices may drop down to the 45.6 level. I will take partial profits at each of the Target Prices shown on the chart and will then look for lower levels to re-add the partial long positions in an effort to stagger as prices rally again.
Please refer to the chart below for additional details:
www.tradingview.com/...l-If-It-s-Not-Broke/
Good trading all!
I will buy/open long positions at 46.10 and expect that prices may drop down to the 45.6 level. I will take partial profits at each of the Target Prices shown on the chart and will then look for lower levels to re-add the partial long positions in an effort to stagger as prices rally again.
Please refer to the chart below for additional details:
www.tradingview.com/...l-If-It-s-Not-Broke/
Good trading all!
Comment:
Update to the K (May contract) buy level: As spreads have increased, I am moving the K buy level to: 46.35-46.75. Long entry for continuous charts remains the same at 45.75-46.10
Comment:
3/23 Update: Sometimes oh so close can feel oh so far! I am still looking for oil's Long entry zones on this chart and hoping that next weeks monthly close will offer enough volatility to give it to us. As there was initially a difference between last months and the K(May) entry levels but since prices have rolled into the May contract, I will offer an update this weekend as I may still suggest current long entry for oil prices at 46.3 (which looks great to me on the May chart) while still expecting a potential 45.60-46.10 bottom (which looks great on the continuous chart). But doubt we'll see a drop to 46.3 tomorrow so more on that Friday or Saturday.
Good trading all!
Good trading all!
