TA memo to myself charting possible contingencies.
USOIL to follow fundamentals/EIA/API/Rigs and channel/squeeze until September OPEC meeting.
Currently at 46.60ish. EIA report was bearish but less bearish than the API report. I am still tempted for potential break-out buy point is at 46.00ish? But another more realistic possibility for me--if last week was just a sign of major short squeeze and we are now at a neutral zone, then we may go back towards the another major short after a failed OPEC meeting. But, because of looming OPEC meeting and rumors of a supposed cap, we may have a little tug of war between the bulls and bears resulting in a channel.
Fundamentals point to bearish: As of today, EIA, API, Baker Hughes are bearish.
Technicals: The pullback is week compared to the jump; but again, the last few week jumps have been supposedly a major short covering and this pull back is likely a neutral pullback.
Conclusion: sideways movement again until the OPEC meeting as news goes back and forth.
Prediction: The week of the OPEC meeting, possible sell-off because OPEC will probably not fall through again.
USOIL to follow fundamentals/EIA/API/Rigs and channel/squeeze until September OPEC meeting.
Currently at 46.60ish. EIA report was bearish but less bearish than the API report. I am still tempted for potential break-out buy point is at 46.00ish? But another more realistic possibility for me--if last week was just a sign of major short squeeze and we are now at a neutral zone, then we may go back towards the another major short after a failed OPEC meeting. But, because of looming OPEC meeting and rumors of a supposed cap, we may have a little tug of war between the bulls and bears resulting in a channel.
Fundamentals point to bearish: As of today, EIA, API, Baker Hughes are bearish.
Technicals: The pullback is week compared to the jump; but again, the last few week jumps have been supposedly a major short covering and this pull back is likely a neutral pullback.
Conclusion: sideways movement again until the OPEC meeting as news goes back and forth.
Prediction: The week of the OPEC meeting, possible sell-off because OPEC will probably not fall through again.
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Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.