Oil Starting a bullish run!?

o0oo00o
o0oo00o


When analyzing oil on a weekly chart I discovered something interesting.
I don't know if any of use use Fibonacci, but when I placed a Fibonacci and looked at the previous weekly close, I expect oil to break through the weekly trend line and continue to rise.
What do you guys think? Let me know.

Comments

  • JoshWinter
    JoshWinter
    Posts: 276

    Nice Chart and analysis! @o0oo00o.

    I am currently short oil so hoping your idea is wrong lol. jk. We will see what we get tomorrow and Thursday for EIA. I swing trade oil so sometimes my positions may be only a day or for a few hours before I take them in a reverse my position or scale back in.

    Oil broke the trend line and ran some stops on some bears. But it is back at resistance area and still below its 200 day ma. So bears still in control IMO at this time. Nice share.

    33.png 148.8K
  • JoshWinter
    JoshWinter
    Posts: 276

    Oil had a nice 3% drop on Friday, so lets see what this week brings us for OIL. We may get a short squeeze rally back up after Hurricane Irma.

Sign In or Register to comment.
© Copyright - CP Trading Co.
Hosted by TheHostHome