Goldtent TA Paradise

OIL

1. EagleSeagle says:

   April 30, 2015 - 9:25 pm at 9:25 pm

   Thanks FGC, helping to decipher the oil trade…17 year diagonal trend was breached to upside today too…looks bullish for oil

2. surfchops says:

   April 30, 2015 - 11:33 pm at 11:33 pm

   There’s a guy over at http://rightsideofthechart.com/shorting-erx-xle/ who’s expecting another big drop before any consistent rally gets going. He’s got a nice chart and he’s been right about other things regarding oil but I just don’t see how that double bottom in oil which Rambus shows quite clearly and the subsequent rally up over Eagle’s 17-year trendline can be anything but what it simply looks like: a healthy recovery. Anyhow, he’s looking for another dip which will form the right shoulder in a reverse head and shoulders, the left shoulder and head being the already formed double bottom and which will then start things going up for good.

   I think we’re there already. The chart seems to say that. Any significant retracement would have to come from some sudden news event, which oil seems to be prone to actually. And also, it’s almost May. How can oil consumption go down as we head into the summer?

   I sure hope that symmetry thing works out.

3. EagleSeagle says:

   May 1, 2015 - 6:37 am at 6:37 am

   Yes Surfchops, will wait a bit to go long to see if that potential IHS materializes. Thanks…

4. surfchops says:

   May 1, 2015 - 12:17 pm at 12:17 pm

   I’m beginning to appreciate Rambus’ chart the more I stare at it. Note the MACD pattern below the 2009 recovery and compare it to the corresponding 2015 recovery. It’s downright creepy. They both have two short rallies on the way down and then a sharp drop and subsequent sharp recovery with another much shallower dip and then back up, almost to zero where there’s a shallow dip again and then a strong impulse leg up to 2.5 on the MACD scale. They look like two pencil tracings of the same general shape. Or someone trying to forge someone else’s signature.

   Interestingly, if the similarities hold out a bit longer, we’d be seeing a shallow dip soon just as it happened on the 2009 MACD when it reached approximately 2.5 and then rolled over back to 0.5 or so. The similarities between the MACDs are greater than those of the chart patterns.

5. EagleSeagle says:

   May 1, 2015 - 12:58 pm at 12:58 pm

   Good eye. Studying the MACD is important. Do not call it “daddy mac” for nothing.