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
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Worth noting the decreasing volume on this rally.
Think "B" might be playing out. Currently $62.25
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"B" was finally hit. Long term fib resistance there. I entered a short position.
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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.
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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.
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.