I'm holding oil longs, and exposure to oil via correlated equities, and looking to ride the upcoming trend. It is likely to see a breakout in the short term, this might ignite a monthly, and potentially quarterly uptrend continuation signal. This falls in line with what the quarterly downtrend suggested, time and price wise. The price target was exhausted ahead of time, and after that we saw a strong rally, and for a long time, we have been in a consolidation and accumulation phase. The expected time to consolidate before rallying was reached now, so, it is highly probable to see a massive rally in oil from here onwards.
Daily charts show an already active uptrend, and a continuation signal after a pullback. Bears might get squeezed in little time. The potential upside is huge, so, don't miss it. If you didn't buy oil yet, you can try buying on dips, or at market open, and averaging in for a couple days with a wide stop under the recent lows. Energy stocks are also a good idea, you would have to do your own research here, but, focus on companies that have strong correlation to oil prices.
Best of luck!
Ivan Labrie.
Bình luận
⋅
The chart doesn't look 100% right, it should look like this, oh well:
Bình luận
⋅
Bình luận
⋅
Now we're talking...
Bình luận
⋅
USOIL very close to target #1, considering sentiment, I am cautious here, we could short it against our equity holdings if needed
my setup from weeks ago, I think $40 is a key level in monthly and trimonthly chart, expecting a 20% move up. Look how $42 was such a nice double bottom. Longer term $95.
This would be fantastic. I am "permanently long" oil/gas as I work in that industry. Let's say that the past couple of years haven't been very nice...
IvanLabrie
⋅
@plok, I can feel your pain...EM countries have been hit by it too. Rising dollar hurting us due to the USD denominated debt.
Best of luck!
coolingla
⋅
Shrewd observation Ivan and I agree with your vision.
However, is Rgmov a sentiment indicator though? I thought it's a very objective recording of past/future moves' tendency, not a sentiment indicator per say. For sentiment, you have RSI and MACD, etc. Enlighten me if you could.
BTW, here is my short-mid term view on oil:
IvanLabrie
⋅
@coolingla, RgMov works as an objective measure of sentiment. You can also use it to define the trend direction.
coolingla
⋅
@IvanLabrie, thanks but that's not how I used rgmov in the last few weeks :)
I tried to find the area where RSI and RgMov diverge and that little hint from such divergence helped me a lot.
Did TW ever publish the algo to calculate RgMov?
IvanLabrie
⋅
@coolingla, no, not until he publishes it in a book to claim ownership of it.