55, 60, 46, 55, 38, 55, 46, 60,... 73?
This is my vision for the long-term oil outlook.
2018 will be a year for consolidation. Those wanting to short should start looking @ 60 for signs of clear resistance.
Exact levels on chart.
This is my vision for the long-term oil outlook.
2018 will be a year for consolidation. Those wanting to short should start looking @ 60 for signs of clear resistance.
Exact levels on chart.
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As on chart, there is likelihood of sideways down to 55 before further up. That likelihood increased on todays spike
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53 is also open in my target book. But the problem is sequence (what comes first)? It might want to go all the way to 60 before it starts correcting downwards. The spike up opened up to the 60 level. So that is why I wrote that yesterdays spike up opened op for a bit more sideways action.
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If it is rejected now at 57.5 area, that is a good sign for further down toward 55. But if it goes above 57.5 it signals continuation toward 60.
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That is why I wrote "Those wanting to short should start looking @ 60 for signs of clear resistance". Shorting in uptrend is, as you know, risky. Depending on time horizon etc ofc. But I dont view myself as a daytrader in that sense.
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So for those bearish on oil short term, shorts can be opened up at 57.5 if they want to try to fight the trend (which is up until further notice).
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Hope the bears among you managed to catch 57.5, lol.
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As I am not intradaytrading this I wont produce these levels every day. I need to produce a trading bot for that :)
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So, the level hit, now I expect long till 60.
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But as written, it can easily go to the 53 level too before resuming uptrend. So keep Sl tight
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Looks ready for 60... :)