USOIL: Expanding on the analysis

has given us further clues with the recent developments. After the futures expiration, we had a big drop, but bulls supported the price before hitting levels that would put the rally in danger in the short term. We now have an active uptrend in the daily, and the end of a short term daily downtrend today, which indicates to me that we will see immediate upside in oil. If you for some reason aren't long, you can definitely join longs here, or on slight dips, and aim for the targets on chart, at least. This might end fulfilling a monthly uptrend signal, which could propel oil to the upper 60s, to even $100+-5 as an extreme target.
Check out my previous publications, I have been moderately on point, capturing the extremes of the range, and I think now we might be able to catch the next trending leg, let's wait and see.

Cheers,

Ivan Labrie.

Trade closed manually

I'm out for now, but hold positions in energy for the long term. -in profit now-

Note

I reentered at 45.92, stop was only 35 cents...

can hit 53.28 by October or a bit sooner

After that, it might confirm a longer term uptrend to $60-100.

Note

After testing the top supply level we retraced to support, good spot to buy risking $3 down here.

Note

bloomberg.com/news/articles/2017-10-20/investors-jump-back-into-the-fray-as-oil-market-revival-beckons
Most longs since Nov 2016
after Nov, price rallied for 2 more months...for 18.1%
repeating the same feat would put us at 60 a barrel
s3.amazonaws.com/tradingview/snapshots/l/lCkaTbMq.png
by end of year...

Note

We did hit my first target zone during October, now even broke out, expect a sharp rally to $60-65 next.

Note

Our buys and subsequent follow up trades are paying off, specially the Oct 3rd buy at support.

Trade closed manually

First target hit, this could retrace here...I still have long term exposure to oil via equities, so I'll close my futures long and flip short to hedge said exposure.

Note

very close to target #1, considering sentiment, I am cautious here, we could short it against our equity holdings if needed

IvanLabrie

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USOIL: Long term and intermediate term view

by IvanLabrie

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IvanLabrie

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