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Oil at Inflection Point


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#1 stubaby

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Posted 17 September 2011 - 10:51 PM

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
GOOD LUCK - the 'Galloping Gertie' syndrom about to hit the US and World Financial Markets over the next 2 Years - Batton down the hatches! Galloping Gertie - Public StockCharts List

#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
GOOD LUCK - the 'Galloping Gertie' syndrom about to hit the US and World Financial Markets over the next 2 Years - Batton down the hatches! Galloping Gertie - Public StockCharts List

#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

#6 stubaby

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Posted 21 September 2011 - 12:33 PM

Added small "hedge" in DUG this am:

http://stockcharts.c...59146&r=552.png

stubaby :sweatingbullets:
GOOD LUCK - the 'Galloping Gertie' syndrom about to hit the US and World Financial Markets over the next 2 Years - Batton down the hatches! Galloping Gertie - Public StockCharts List

#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 :swoon:
GOOD LUCK - the 'Galloping Gertie' syndrom about to hit the US and World Financial Markets over the next 2 Years - Batton down the hatches! Galloping Gertie - Public StockCharts List

#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 :swoon:


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