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OIL

Time for some OIL — in breakout mode

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I am not trading on Friday, so I thought to have a look at some charts. After watching Adam’s video from market club, I had a look at oil.  I see oil coming. It is in the trading range, and with the sell off of USD , momentum is building up,  chances are, we will be seeing a upside breakout. My dumb prediction? 70-ish as first target. Let’s see how it goes. And…what do you think it will affect the equity market?hmm…are you still holding Long positions?

Here is the ….CHART! (Click to view full chart)

oil_daily

Here are some technical statistics:

oil_trend

About this tool

OIL..is it over? Yet?

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Let’s have a quick look at USO ( United States oil Fund, ETF) and spot Oil price.  I am not sure if people start talking about the bull run is over. Well, not yet. Uhm…I am not convinced, yet.  This implies, the recent strength of Dollar might be short lived?  There is another theme calling commodity run is over. I am not surprised to see these two theories now. Pickin’ top and bottom is just part of human nature.

For a short term trader like me? I am waiting 🙂

Here is the ….CHART!

[photopress:USO.jpg,full,1]

This chart is brought to you by Tradecision

[photopress:spot_oil_daily.gif,full,1]