smitheric1970

smitheric1970 Updated 

As this daily oil range continues to drag on I look to the Daily Supply levels shown on the left of the chart for clues. After getting two daily closes above the 53.51 Daily supply level; I think prices may now look to it as resistance and rally one last time; Above the 53.89 level I needed to look at the H (March) front month chart for higher daily supply levels...

smitheric1970 Updated 

Today, prices hit the H (March) chart daily demand line; Although I am still bearish looking for prices to test near the 48 and possibly 46 level, in the interim, I believe we may see prices validate resistance between 52.8 and 53.3. 52.82 demand level was created following the 12/14 daily close on the March contract. If prices see a daily close below 51.66 I will...

smitheric1970 Updated 

NOTE: this analysis is for the CLH7 (March) oil contract. Also, the path is hypothetical, targets/support/resistance are what matters. I believe that the 12/2 buying climax will hold as resistance. 1. Prices have been rejected at the daily BB midline and are below the daily 9 MA 2. TL of last two daily swing lows and the last daily selling climax...

smitheric1970 Updated 

Quite a reversal in prices today! Prices closed precisely on the midline of this weekly range today; which is neutral to the range; that being said... I am still biased to the short side; however, the DX which is generally inversely correlated to oil had a slight drop today and if that continues then oil may continue this rally. That being said, the EIA report...

smitheric1970 Updated 

As prices are nearing last weeks intraweek support chart for my weekly level, Oil -3.82% - Higher Weekly Low? chart, i wanted to offer my thoughts on the next possible supply/demand levels. Today saw quite the drop and I am expecting a swing at the 51.2-51.6 level and will look for an approximately .3 retrace off of the leg down from 54.32 which would see prices...

smitheric1970 Updated 

I wanted to provide an update for my 'Oil - Higher Weekly Low?" chart - Based on a daily range set in early 2015 that I use as a clone level (45.62-50.37) (see Gc or nMike for great clone charts)I'm looking for prices short term to drop to 51.56 level. Common in all ranges, the main meat of the action in a trading range is between the .25 and .75 levels, which is...

smitheric1970 Updated 

Amidst the OPEC agreements, Trump's inauguration which will likely increase for oil demand and production and the January typical decline in demand, I am still of mind that prices will find higher prices in the first, maybe second quarter of 2017 but will first seek to secure a higher weekly low support price. I have been looking for a retrace to the 48.36...

smitheric1970 Updated 

I believe that oil is starting to breakdown and I am targeting 48.36; however; based on buying/selling climaxes on a 1 hour timeframe, intra-week, I am looking for prices to potentially swap between these levels on it's way down to the bottom of the daily trading range at 50.4. Prices often swap between these buying/selling climaxes as supply/demand levels are...

smitheric1970 Updated 

Although, for fun, I often find my self drawing numerous lines of supposed Davinci Code channel lines into an array of spiderwebs... At heart, I am a supply/demand purist; seeking to discover the big Market Movers new and old levels of accumulation and distribution. Note that on this chart BC = Buying Climax, an interim level where the market movers end their...

smitheric1970 Updated 

Today i believe that oil broke out of it's lower daily trading range and wills start to work on completing its journey back into it's super trading range - 50.37-55.12 as it closed the day above it's previous weekly breakdown level of 50.85 and above the June 2014 channel line. I am anticipating that prices will make one more swing up to the 52.75 (.5 mark of the...

smitheric1970 Updated 

Oil Analysis with a comedic twist... As OPEC has been flashing 'somewhat' positive tweets regarding a deal to cut/freeze production; we have seen quite the rally in oil prices; Friday marked prices closing on a weekly AND monthly basis higher than the past 14 months of weekly closing/breakdown levels. However, this analysis is based on the possibility of oil...

smitheric1970 Updated 

Donation view of my previous chart - Look for Donchian breakout to the downside soon.

smitheric1970 Updated 

Prices failed to break in to higher range. If prices can close below 4 hr 200 MA, look for a break down below the past 7 week range. Entry (December Contract): 47.25-47.97 Stop (December Contrat): 48.00 Short Term Target:40.25

smitheric1970 Updated 

Those of us oil bears that expected a quick reversal back down to the downside got clobbered last week. So, time to rehash important areas of resistance. See chart for setup. Good trading all!

smitheric1970

Entry Price: 4439-4474 Stop: 44.75 As I'm sensing equity sentiment is changing from ultra bearish to 'slightly' more bullish, it must be time for the next plummet! 1. The Nasdaq is nearing 7 month resistance levels. 2. Late August showed decisively lower lows signaling a potential top is in. 3. While guessing at trending channels is not a very reliable method,...

smitheric1970

Green/Red lines have become very strong support/resistance pivots since December of 2014. Prices broke down through green on July 22 but it was retested on 8/31. Prices have been in slow decline but have failed 4 attempts to break down through the 200 MA and finally broke back above the past 4 weeks of descending triangle. Now it's time to retest this...

smitheric1970

See chart for details. Forecast only, not a specific trade setup.

smitheric1970

Informational Only - not a trade setup. I am bearish on oil down to the low 20's. This chart shows 01' to '09 support/resistance that we will likely see over the next year.