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Technical Analysis with chessNwine

chessNwine
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
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Avoiding the Crude Summer Trap

chessNwine Tue Apr 22, 2014 1:40pm EST 8 Comments

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You really get the feeling, observing the crude oil ETF weekly chart below, that black gold is setting up a huge group of traders this summer.

The symmetrical triangle pattern, spanning quite some time, is highlighted and evident.

Whichever way this breaks is going to be a doozy. For now, the resistance trendline is holding with today’s weakness.

What say you about crude on another slow, grind higher in the market?

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USO

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8 comments

  1. Brushfyah
    Brushfyah
    April 22, 2014 at 1:43 pm

    High beta gold and silver miners up again whilst the metals languish. Hmmmmm

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  2. Bruce J Keller
    Bruce J Keller
    April 22, 2014 at 1:49 pm

    Looks like a down wave to lead up to a wave 3 of 3 or 3 of 5, either way oil is breaking $110 and if it’s a 3 of 5, yeah it will be going to like $125-$140 over the summer, at least the first month of summer.

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  3. The Real Muppet
    The Real Muppet
    April 22, 2014 at 2:01 pm

    Looks like $WTI wants to test $100 over the next couple of weeks. That’s my guess. Today was quite a move

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  4. nocturne
    nocturne
    April 22, 2014 at 4:04 pm

    May contract trading ends today. Likely accounted for some of the downside. However I am short from 37.50.

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  5. Matt
    Matt
    April 22, 2014 at 4:56 pm

    Going to be tough to sustain WTI above $105 short of Russia invading Ukraine. If there is a peaceful resolution over there, WTI below $100.
    Without all of this geopolitical risk the past few months (Iran, Libya, Ukraine) WTI never would have gotten above $100.

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