Tuesday 10 December 2013

US_OIL rejig

Zoomed out view on US_Oil on the weekly time frame to give us the big picture. Why look at the little bar on the extreme right egde of your screen with price ticking up and down, all it does is drive you nuts and place poorly thought out trades. Always start with the 10 mile view




Next chart is the daily. Two lines marked up, lower showing support/buyers and upper showing.....what?....there is a major reason why that upper line has more significance than usual. Comments invited.



And finally the 4hr chart. The last candle is not yet closed and is looking very bullish I am sure you will agree. Break out traders into the New York close may be well given a gift, but more logical traders will look way to the left and see......bears selling en mass. Given the time of day which is important to day trading and only US traders taking this, it would be unwise to take this for the long haul. Better wait for the break out, come back into the top of this area again and then see will professional money position for longs, or take it lower on these time frames. And of course by tomorrow the time frames will all have rolled around and into some pretty serious players taking an interest in taking this.



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4 comments:

  1. Unknown11 December 2013 at 10:36

    The 100.00 level is more significant due to its a historical selling around Oct 2012 (weekly chart). After price broke down 100.00 this Oct 2013 (daily chart), it will be the fisrt time to test the level again, to see if sellers remain. Price must consume all sellers at 100.00 level before continue rising.

    my little 2-cents;)

    blacky

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  2. The Doctor Trader11 December 2013 at 11:20

    100 dollars is a price at which Russia wants to see and so do others. With such a large interest in that price it will be in many traders interests to try and break it. There are times when fundamentals matter a lot.

    Given time I see oil dropping off and a few currencies are likely to fall with it. Watch for the commodity driven pairs. With new methods of extracting oil and gas that was previously too expensive and the cost of this technology widely available it will mean more supply of oil and gas into the market and this will impact on the existing suppliers.



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    Replies
    1. Unknown11 December 2013 at 12:46

      Thanks for the explanation. I can see oil is on its way finding support now. Need more buying orders to boost.

      Its so inspired to see u combine the technical part with fundamentals. Seems we can expect more from this new blog:)

      Again, Doc, thank u for your widsom and great heart!

      blacky

      Delete
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