Mid-day Stall on $USOIL futures shows (ANOTHER) Barrier circa 42
USOIL began the day spiking over 43/bar and showing over 4% growth. It has since come back to earth, with earth being the top-Fib placement. The short already should have occurred - It probably will stabilize around the 42 mark -- then it might be a while before recapturing steam en route to 45/bar. Of course, this is typically a stronger quarter (the 3rd and 4th) for oil trading...
So, while the overall harmonics are still showing something of a short - oil did show positive confirmation signals at the opening of today's market and that is, overall, a good sign for OIL longs and for those w/ Oil-related positions being held.
It still could be (deeeeeep) into the fall before we see OIL push past 45 and start climbing towards 50. There is not an overabundance of guesses at that time scale due to both the sideways trading patterns, COVID lingering, etc. etc.
With how long OIL took to overcome the 40/bar mark, it's tough to get overly anticipatory of its next big spike, especially because of the fact that the run it made through the first half of today has already settled down a good bit. C'est la vie.
HAPPY TRADING!
So, while the overall harmonics are still showing something of a short - oil did show positive confirmation signals at the opening of today's market and that is, overall, a good sign for OIL longs and for those w/ Oil-related positions being held.
It still could be (deeeeeep) into the fall before we see OIL push past 45 and start climbing towards 50. There is not an overabundance of guesses at that time scale due to both the sideways trading patterns, COVID lingering, etc. etc.
With how long OIL took to overcome the 40/bar mark, it's tough to get overly anticipatory of its next big spike, especially because of the fact that the run it made through the first half of today has already settled down a good bit. C'est la vie.
HAPPY TRADING!