Before someone would start to chase the price here I would suggest some caution here...
First of all I wish we could have gone all in with shorts at this idea: :)
It seems oil has printed its intermediate bottom. It broke below the 200 daily MA but recovered very fast and started to rally. Some of us were able to enter with longs at the 200 MA. For those who are still at the sidelines I would suggest some caution here. I didn't erase my red trendlines in this chart what I set a few weeks ago. I'm quite sure that we are going to print a double bottom - or beartrapped double bottom - before the real rally starts to 60-70$.
So if you enter here - RSI is overbought , MACD might want to cross over - be ready that price will come to 38-39-40$ with a double bottom.
Kommentar
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I'm a bit frightened now. When Saudis opening their mouth oil is heading to the opposite direction next day...
Now we have to wait till tomorrow to see if they just wanted to sell into this breakout....
Kommentar
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Last time they were buying at the DOHA meeting at the "Saudi beratrap bottom" Are they building a bull trap now??? And we will have an undercut double bottom?
Kommentare
Chess68
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Thanks Apri! I closed 1/2 my position.
Ronnee
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Thanx APRi , I will close I of my positions and buy back if double bottoms, thanx as others have said, teaching patience, ,!! Ron NZ
NiyazSarif
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thank you
liuzhiji8888
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Thank you for the caution. I think oil might hit a double bottom as well.
oilyprata
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Thank you Sir :)
bertcoin
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Thanks Arpi. I got in UWTI at a pretty good time with your charts. With one more drop to the bottom 38 to 40, sounds like an opportunity to take some profits and buy again at the bottom...?
chartwatchers
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I would close some of the position. As you saw I didn't touch the OIL US CRUDE position at the metal trade.
I just closed ERX. In the case oil runs away you should be in a position. Just take profit on a partial position so you can wait out the double bottom.
If there is no double bottom you still have a position at the next months and you don'T have to worry about testbacks. You will be ready to add mentally .
newatthis
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Thank you for the update. I have a position in UWTI as well which I entered at 17.61. I am so tempted to hold onto it but I also trust your opinion completely so I will see how today goes and may just close it. Still in the metal trade.
bertcoin
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Thank you sir. Trusted your post and didn't wait for your nice reply and sold half. You are teaching patience and discipline in your ideas across a broad spectrum of products. It has improved my results tremendously.
newatthis
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I don't think this is pulling back but I trust Apri way more than I trust myself on this and so closed my UWTI position at 20.55. Will get back in whenever you give the signal! Thank you!