USOIL Trend Analysis
Updated
It would appear that the intermediate term trend is going through an ABC correction.
Supply Zone exists in the $53.50-$57 range
Long Term Price Support exists at $54
50% Fibonacci retracement exists at $54
Measured Move exists at $55
Channel Resistance exists at $62
Long(er) Term Price Resistance exists at $63
Short Term trend bearish
I'll go long when I hear "NEW BEAR MARKET FOR OIL?" on the news
Supply Zone exists in the $53.50-$57 range
Long Term Price Support exists at $54
50% Fibonacci retracement exists at $54
Measured Move exists at $55
Channel Resistance exists at $62
Long(er) Term Price Resistance exists at $63
Short Term trend bearish
I'll go long when I hear "NEW BEAR MARKET FOR OIL?" on the news
Note
Worth noting the decreasing volume on this rally.Think "B" might be playing out. Currently $62.25
Note
"B" was finally hit. Long term fib resistance there.
I entered a short position.
Note
Unbelievably bearish oil report today. Usually don't put a lot of weight in Natgas/Oil reports because they seem to be somewhat inconsistent with how price responds to the report. I've got to say, I love it when my technicals get supported by fundamentals. Usually the other way around.
Note
Up 14% on DWT, 8% SCO. Exited half on both. Stop loss set for over a 50% retracement and just letting the other half ride.
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