Crude Oil WTI has finally established an uptrend!

Looks bullish across all time frames

Resistance 59.60 and 66 (for now)

IHS target 78




Time to go long on the Oilies

I have opened long positions in PMO and Tullow oil today

Hi Folks,

Looking at Crude, been mad busy, so couldn't post, but as i mentioned below i went short OIL- US crude (on IG markets) at 5497.


US light crude daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...J1AyoBLAdpvE6KEDE%3D

This is only chart on crude i'm able to post, but i double checked this on IG charts as well.
This is in this rising channel atm.
I see a bearish RSI Divergence, which i saw monday am, which could be sign this rally is not the real deal imvho. The rsi has also failed to break above the resistance trendline.

I think this possibly come back down to $43 as a worst (or best)case.

I will close some around 5175 area, which was the breakout area. lets see how it goes.

ATB, dyor, wdik,
trendfriend

I shorted OIL - US crude (on IG) at 5500 yesterday am. (5497 to be exact)

I had a feeling this would come down, will explain why later, back to work now....

atb, dyor, wdik
trendfriend

Bull flag targets are 58 for WTI and 85 for PMO.

Hi TF

PMO, Tullow and Ophir - all have been following the massive downtrend that started in Crude WTI almost 2 and a half years ago! If you look at their Higher frame charts - weekly and daily it would be clear that they are range bound and all 3 are following the Crude WTI price chart!

Crude WTI has found its base and seems like trend is turning north again - but its still range bound and the uptrend is not established yet

The key level is 51.72 USD - as this is the 4th attempt to go past this resistance level (currently 51.45 USD)

I would only be interested in Oil exploration companies once Crude WTI closes above 51.72 USD and the Inverse H&S target opens up (78 USD) - Just my view

A few charts here with potential trade set ups, comments (and corrections off course ) are always appreciated.

firstly, Sports direct -SPD.
Looks bearish with a 180p(falling daily) area target showing at the bottom of the trend channel, not sure if it's worth shorting, but 180p worth a long, if it hits that level.



Next Premier oil - PMO. above 69.5p this should hit 80p imvho, looks like a bottom at 48.5p here, and maybe ready for moves higher.
Stops below 60p or 48.5p according to ones own r/r criteria.



Tullow.daily

uk.advfn.com/p.php?pid=chartscreenshotsh...mr+CRzk2vaFP4BcldVE=

This is holding above the pivot level at 300p, and while above that level a rally to 465p looks possible.

OPHR daily.
uk.advfn.com/p.php?pid=chartscreenshotsh.../iN0qdnxuqnCc0TIH74=
The daily here is imminent golden crossover of the 50 and 200 day ema lines.
At the very least that should mean a long term bottom is in here, and as long as 82p (20 day ema line is held) a break above 91.5 shouuld see 100p + here imvho.

Al the best, dyor, wdik
trendfriend