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Oillong

Oil Long: Finally ExhaustionAs I expected, but wrong in terms of timing, oil is seeing an exhaustion in its downwards movement. Yesterday was the DCL according to Time Cycles . Additionally the Stochastics RSI looks dangerously oversold, which leads me to believe that the reversal to the upside will be very rapid. I expect the first selling zone to be $47-46.40 (blue rectangle). From there we should continue downards, as the long term sentiment for oil is very bearish. The MACD is reversing as well , but I expect it to follow a similar pattern as it did 2015-11-16 to 2016-01-18. Finally very crucial to how rapidly Oil will rebound to the first selling zone is: Wether Clinton or Trump will be elected. As wikileaks proved, Clinton has good relations with the Saudi, or at least she accepts their money in exchange for favours and thus a Clinton President will help oil rebound. API and EIA data NYMEX:CL1! NYMEX:CL2!
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by BigCharts
oil buy advice on Technical Weekly pivot point Oil Down due to this news OPEC officials approved on Monday a document outlining the exporter group's long-term strategy, in a sign its members are making progress in ironing out differences over how and when to manage production levels and, ultimately, oil prices. Now As Technical Oil Can hold Current level or 46.3 level which is Weekly pivot point if hold above 49-50 will not surprise So buy advice from current price 47.1 to 46.5 level sl below 46 where tp1 48.7 and tp2 50
TVC:USOILLong
by Salmanmemon786
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