CL Journal

Common TA based analysis of current trend. Third lower top on weekly chart now in place. 1st Target - $40 is my guesstimate.

#confluence

 

Currently 43.45.

Don't you get tired of being right all the time?

MarketSurfer would be proud of your track record.

 

Bias is pushing the wrong button clearly.

 

I will get long at $0.00 if someone donates me a storage facility.

 

Rouble started tanking, which confirms expectations of downside in oil. Without oil&gas Rouble is worthless.

 

I don't see oil ever hitting 60$ again unless a major producer goes offline. One of the reasons oil was at such high prices was Iran had sanctions and China was double digit growth. Both those factors are gone.
Everytime oil hits 60$ the non OPEC countries will start opening the taps even if OPEC gets a rate cut agreement among it's members.
When OPEC was created I believe they controlled 70+% of the oil production, now they are under 40%

 

Long here at 43.31. Initial stop 40.50. This is a bit more on the medium term side in the Auggie contract.

 

Getting stopped has allowed me to get a purchase price roughly 60 cents lower than had I just held albeit with carrying charges etc. Continuing long bias until I see otherwise.

 

Last trade was a loss of 60 cents. Let's see how we do on this one.

 

I am awaiting at least one post of value from you, hopefully it comes soon.