OIL
Oil seems to be a hot topic let's look at some charts. $Crude Oil Futures(SEP4)(CLmain.US$
Starting at the longest Monthly chart. The purpose of this timeline is to show the high of 2012 in comparison to now. Notice how once oil reached this level in 2012 it hovered around for over a year before falling (oil actually spiked earlier just not shown on chart). Also shown in violet are 3 main channels (channels are trends). All or portions appear in all of the charts.
Starting at the longest Monthly chart. The purpose of this timeline is to show the high of 2012 in comparison to now. Notice how once oil reached this level in 2012 it hovered around for over a year before falling (oil actually spiked earlier just not shown on chart). Also shown in violet are 3 main channels (channels are trends). All or portions appear in all of the charts.
The Weekly timeline gives a closer view of the 3 main channels (all longer than a year). Notice the point at which oil broke the 10 year channel (orange arrow). The white arrow shows a convergence of channels (shown later)
The Daily chart shows the channels and possible price response. Shown on the MACD is a bearish move possibly forming a larger bullish move. Will oil rebound off of the newer channel, or fall to the longer channel at $95? ![]()
Daily chart zoomed in. Shown now are Moving Averages. The 50ma is lining up with the newer channel, will it form support here at 98-100?![]()
or will oil fall to 95?![]()
or to the 100ma at 90![]()
If your expecting me to predict the future, I cannot, I can only react to what is given.... But what I think will happen is that oil will find support on one of the channels and start upward again (or bounce between both channels for a while). We are just starting the travel and building season, the EU and US (and many other countries) have increased infrastructure spending. The increase in travel will put more pressure on oil. The war will end eventually, but sanctions on oil will not.
Here is an opposing view. (sorry for terrible quality.) While I usualy agree with Worths charts, I did not when he called for the collapse and it broke out
Here is an opposing view. (sorry for terrible quality.) While I usualy agree with Worths charts, I did not when he called for the collapse and it broke out
I have heard other popular traders calling for 75 dollar oil, I do not see this happening as every business I know needs oil/gas and will buy everything they can near 90, that's why my tendency is more towards a 95 bottom. We have asphalt plants that should be running, but are not because they cannot get oil![]()
So when I hear tech traders talk about oil price collapse I laugh, if oil falls the run on it would be momentous. Good Luck![]()
$VanEck Oil Services ETF(OIH.US$ $SPDR S&P Oil & Gas Exploration & Production ETF(XOP.US$
$VanEck Oil Services ETF(OIH.US$ $SPDR S&P Oil & Gas Exploration & Production ETF(XOP.US$
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iamiam OP : @user77248281 sorry it took so long.
iamiam OP user77248281 : thank you, much appreciated
TinkerB3ll user77248281 : Second to that
iamiam OP : is it going to hold and advance?????
iamiam OP iamiam OP : if it does that means we have confirmed a new channel and 200 oil is on the table.