No real predictions but identification of inflection point and some key levels and indicators to watch:
Breakout from declining channel or break below bearish wedge!
http://stockcharts.com/c-sc/sc?s=$WTIC&p=D&yr=1&mn=4&dy=0&i=p15226204620&a=183948063&r=5699.png
Plenty of room to decline more on the weekly OR a powerful reversal and upside continuation!
http://stockcharts.com/c-sc/sc?s=$WTIC&p=W&st=2000-01-01&en=2011-12-31&i=p62941863946&a=183948064&r=1152.png
Monthly looks tired - notice MACD cross!
http://stockcharts.com/c-sc/sc?s=$WTIC&p=M&st=1990-01-01&en=2011-12-31&i=p09148261528&a=183948065&r=5642.png
stubaby
Oil at Inflection Point
Started by
stubaby
, Sep 17 2011 10:51 PM
10 replies to this topic
#2
dougie
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Posted 18 September 2011 - 02:56 AM
your charts rock
i have to say, this looks tired
oil falling good for miners unless it portends a bout of D
#3
CHAx
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Posted 18 September 2011 - 12:00 PM
Looks bearish to me for the Intermediate Term. Long Term, buy this upcoming dip in oil.
#4
stubaby
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Posted 18 September 2011 - 12:29 PM
Looks bearish to me for the Intermediate Term. Long Term, buy this upcoming dip in oil.
CHAx:
I agree - would like to see the RSI on the Weekly move below 30 and Both the Slow Stochastics and Williams %R "reset" at a lower level on the Monthly. I added a parallel to the Monthly which comes in around $60 - seems a reasonable target IF we get the breakdown from here!
stubaby
#5
dharma
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Posted 18 September 2011 - 09:54 PM
lower oil prices , which seems to be the phase oil is in, will serve as a stimulus for world economies. especially countries like china which imports all of its oil
its also a boon for miners.
i agree w/chax. if one has the patience to buy the weakness and hold . then , they will be rewarded.
dharma
#7
dougie
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Posted 21 September 2011 - 02:11 PM
joined you on open
hedging nat gas longs
#8
stubaby
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Posted 28 September 2011 - 03:19 PM
Looks like Oil voted - "break below bearish wedge" - the recovery Monday and Tuesday tested breakdown area from below and we are now rolling over again. Break below Friday/Monday low and down to $70 we go! Hold here and recapture breakdown area for save - low odds IMHO.
Raising stops on DUG position - just in case!
stubaby 
#9
dougie
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Posted 28 September 2011 - 08:37 PM
missed the re entry on DUG: a beauty! Travelling
sold at highs last week. now thinking this goes MUCH higher
might need to chase
#10
senorBS
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Posted 29 September 2011 - 09:36 AM
Looks like Oil voted - "break below bearish wedge" - the recovery Monday and Tuesday tested breakdown area from below and we are now rolling over again. Break below Friday/Monday low and down to $70 we go! Hold here and recapture breakdown area for save - low odds IMHO.
Raising stops on DUG position - just in case!
stubaby
weekly abc down in crude from 115 Senor thinks botomed at 78 - cinco wave rally to 84.55, now correcting that and then headed to 90, my FF
Senor
