Next week Sunday we have the Oil Producer Meeting in DOHA. Most probably price will be trending in the channel . The move will depend on how nervous will be the market... (Green and purple trendlines inside the channel) Next week price will attack again the daily 200 EMA but I think we won't break it next week. We can have a pullback to 38$ early next week.
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If price is coming back to 38$ it can be a good entry point for the test of 200 EMA or for the break above it. In the next 1 month I think we will reach 50$ at least.
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Oil is really going crazy in the opening. Shorts are in panic. I hope you are all long or at the sidelines... I'm quit sure we come back to the 20 EMA at the 4hrs chart. If you are not in wait patiently.
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I have a feeling that the pullback is done. WE came back to the 10 EMA on the 4hrs chart. THey are pricing the DOHA agreement.
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We are crawling on the upper trendline. Heading to the daily 200 EMA. ( 200 SMA is already broken it was at 40,5- I prefer the 200 EMA) They are pricing the DOHA agreement.
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4 hrs support is at 10 EMA ( red )
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Arrived to the 200 EMA. Wow. That was fast.
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CyBriz
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Hi, do you think profit taking is good at the moment? This coming Sunday the OPEC & non-OPEC meeting outcome is still unsure and now the speculators are jumping on the wagon with no valid reason.
chartwatchers
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Dont touch it.
If you want I show you how many emails and personal messages I got like:
" I sold my oil at 38$ when do you think it's good to enter again...?"
CyBriz
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roger that :)
chartwatchers
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Or another idea. If you cannot sit on your hands - :) -
then try to invest into some oil shares or oil related vehicles like ERX oil GASL....
I posted a few shares ( LGCY, VALE, SXE etc...) they will run for 1-2 years. When oil will just be in a rage for months these shares will trend up for months...
TamerFawzy
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I don't think this is going back to 38!!
nexuz
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Looking desperatly for an entry - hopefully the data tonight will be bad so that we get a small drop before hell is breaking loose again.
chartwatchers
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Do you see how strong it is?
That's why I told not to short it.
I hope at least who are reading me not shorting oil...
nexuz
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I learned that lesson - only trade the trend :) and that is definatly bullish. Its unbelievable that a lot of guys still trying to short. Its just hard to sit at the sidelines atm
TamerFawzy
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should we go long now?
chartwatchers
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38-38.5 is still on the table.
We are still in the chanel