Trying to Gauge the Channel of $USOIL and SHORT-timing!

Dec 23, 2020

USOIL had established a descending trade channel. It has since recovered somewhat, but only in the sense that it has established a less-severe/drastic downward trend within the new trade channel outlined. OIL is definitely something that we see a SHORT on. While the market overall has enough bullish indicators, OIL topped out at an unrealistic value and the correction could actually come even without the S&P 500 tanking.

These are different animals, but when HAL climbed 20-plus with the pandemic only getting worse- it set off the SHORT TRIGGER. Whether readers agree or not, is enlightening; at least no one is throwing out insults b/c the notion we can predict the market over a week in advance is dubious enough by itself.

GOOD LUCK! haha.

-BDR

See attached idea regarding the "bottom falling out" on USOIL. The thoughts are similar but there have been some adjustments since.