Goldtent TA Paradise

WTIC Daily with TSI Bull cross today and Fib line holding as support…

1. carolynsue13 says:

   July 22, 2015 - 5:47 am at 5:47 am

   Welcome back…how was the fishing?

2. EagleSeagle says:

   July 22, 2015 - 6:49 am at 6:49 am

   Very good thanks Carolyn

3. Mark says:

   July 22, 2015 - 9:47 am at 9:47 am

   I don’t know, oil looks like toast here. I see UWTI is losing support of the March swing low. I think crude is heading down into the $20s before it’s all over.

4. EagleSeagle says:

   July 22, 2015 - 9:51 am at 9:51 am

   Today so far is not good for bull case…so much for the X wave

5. EagleSeagle says:

   July 22, 2015 - 10:04 am at 10:04 am

   Caldaro still insists crude has bottomed…will wait for confirmation regardless.

6. Tim says:

   July 22, 2015 - 10:58 am at 10:58 am

   What I think is really going to complicate crude is that July 2014 downward trend line. Today it’s at the $55 level and there’s major resistance still at 53.50, so a breakout is likely to encounter more resistance and choppiness than usual. On the other hand… the lower that July 2014 downward line gets, the more likely it would be that it gets broken and that would be a bigger technical breakout than anything we’ve seen this year.

   I can easily see crude forming it’s bottom here but, as I think you’re saying, it hasn’t shown any sign that it’s going to leave that bottom just yet. When that line at $51 became resistance instead of support it really made me think that crude could be moving sideways for a while. Maybe until it hits that 2014 trendline? That would start in the first week of August. Maybe the pace of this next move is going to be slower than usual. Everything in the news: lower Chinese demand; Iran’s return to the market; suggests a stagnant market outlook.

   But I take it Caldaro isn’t one to say something without a reason. And I remember all the speculation about a bottom in the market back in February and April; it’s the contrarians who call it right, which means it always looks unlikely to most people at the time.

7. EagleSeagle says:

   July 22, 2015 - 2:50 pm at 2:50 pm

   Uwti is breaking down. I am traveling and not at main computer. Thanks for your update.

8. PeppermintPatty says:

   July 22, 2015 - 7:50 pm at 7:50 pm

   Yep – staged out of 50% of my DWTI this week in the $85-90 range will hold the balance for a bit. Would like to see one more “spike” sub-50 to finish this swing down – do not see any reason to go long YET (other than that pesky “gap”above). I think the UWTI next swing will be a doozy to trade, but may be the hardest to exit – I’ll let you know when/if I am accumulating.

   Cheers

   Comment :: July 9, 2015 – 5:57 pm @ 15:57 pm

   Added back 25% $95.64 on 7/15 – looking at $48.50 as a key level – MA and I say May sell/reduce at that level (another gap down through that level would keep me in here)

   Cheers

   On UWTI you sure can see what 4 months of slippage gets you!
   http://stockcharts.com/h-sc/ui?s=UWTI&p=D&yr=0&mn=6&dy=5&id=p06623256929&a=386710105

   March Oil low 42.41 today $7 higher and DWTI lower – Oh My!
   http://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=0&mn=11&dy=5&id=p11577522369&a=388595582