Seems there is no more space for oil to stay undecisive. Today or latest monday it will break up or down. from the current form. If it breaks down 41,80-42,00 is the first serios resistance. If it breaks up it could test new hights.
From fundamental issues we are close to August - ussually bad month for oil price. and it would be normal to go down.
If it goes under 42.50 I will buy oil and oil stocks. If it goes up I will not buy/sell it as I beleive the summer bottom will be lower than 44.50.
From fundamental issues we are close to August - ussually bad month for oil price. and it would be normal to go down.
If it goes under 42.50 I will buy oil and oil stocks. If it goes up I will not buy/sell it as I beleive the summer bottom will be lower than 44.50.
Comment:
No decision yet. To me major parameters show that break will be downwards, RSI trend, possible H&S, volums. Still wedge break upwards possible
Comment:
Trade active:
Yesterday I took small long position USO 10.69. I will put tight SL before report today.
Comment:
I beleive today after report USOIL will make decision and break either up or down from triangel. There is anyhow no space any more to stay in it :-)
Trade closed: target reached:
break out up, I don't trust it. Sold USO.
break out up, I don't trust it. Sold USO.
Comment:
Do we have new triangle channel forming?
Recently the oil likes triangles.
Recently the oil likes triangles.