This was a great long signal for oil , and I think history will repeat itself now.
I will enter oil longs again, I recently sold in disgust myself, after the drop to 47.54 didn't slow down, going instantly to the recent weekly downtrend target zone I had published about before, and also, formed a strong rebound, a key reversal day, right above the OPEC cut production day low. This is a key level and has shown that there are buyers stepping in to absorb supply.
We can expect a rapid rally, out off the lows, with strong continuation for a long time.
I'll enter if we gap up, or if we make new daily highs at the open, averaging in on the next few days to accumulate a long term long position.
Best of luck if you follow me here.
Disclaimer: I'm long $OXY, $PBR, $TSLA, $GM, $INTC, and soon oil , and other correlated instruments and derivatives.
I wouldn't mind adding on dips, or just closing here and buying back on dips.
Debating on it, currently...I don't have an emotional input of my own, currently.
You can close or hedge here for now.
Holding now. If we hold here and grind higher we can get a monthly rally after next month.
The monthly can kick into an uptrend very soon, the activity in China is particularly interesting, and also the action in other commodities. All suggest a softer dollar and lower rates for longer...
I prefer correlated companies to commodities...or ETFs like $EEM, $XLE.
Then, 1 red weekly candles and 8 weekly green candles or 2 solid monthly candles, all the way to 86/87 zone (50% fibo of 2008/2016 retracement).
Best of luck and thanks for stopping by.