Look, I’ll be the first to say it, this may not be the bottom for oil. But, take a look at how the 30 minute chart of crude oil is setting up here:
The first thing that pops out at me is how price is coiling up right at resistance, we call this building momentum. Also, check out how the chart is rounding out the last few weeks. The commodity started rejecting lows exactly a week ago, last Thursday.
The oil industry is absolutely hated right now, and I’m looking for a big trade here. Quite frankly, I’m a buyer on any strength in the commodity. As a matter of fact, I got a head start buying $RDC near the close on Wednesday. I did this, because Exodus told me to (See HERE).
As long as oil holds $47 and a half, this trade works. Let’s see if the oil bulls show up here, it is hurricane season after all.
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Thanks, looking to get long SWN on strength.
Ready for all the rain @RC?
RC- do you think the Atchafalaya will capture the Mississippi within a few decades?
Huericane Harvey should stir the pot. Eight straight weeks of supply draws and a dropping rig count. Crude short sellers are a stubborn bunch, but the dam is about to burst.
Oh and Best Headline Award 2017.
I *4 letter word of death* that your right my $SM $SPN $VNOM need some luv long time
fmsa
My thoughts are that with the Saudi Aramco IPO planning on a 2018 issue date, some how some way, oil prices will rise. It may be all conspiracy theory based, but my instincts tell me there’s no way Aramco goes public without an oil price boost. I’m thinking of buying half a position in oil about 2-3 weeks before late fall OPEC meeting, and then buying the rest after, no matter where price is heading.