Quick look at the PowerShares DB Crude Oil Dble Long ETN (DXO) ;1) Focus on that moving average (support level)
2) Will that support hold ? sell off not done on high (or increased) volume
Waiting for an extreme sell off to enter step by step
If crude goes below 45$ , forget this scenario
3 comments:
Hi Moise,
reading your comments you confuse me a bit. On the one hand you say that you're waiting for an extreme sell-off in order to go long step by step, on the other hand oil would probably need to go below $45 anyway for a sell-off in which case you say forget this scenario....
I'm still in at 2.14, missed $3.20 and hoped for better at $3.00
Just trying to figure out if I should take profits and hope for DXO to go towards $2.00 again.
Thanks
Richard
Even if it's a commodity, we can compare it with the Weinstein waves.
It seems to me that after the #4, we're now in the phase #1 of consolidation around the MA30 (or 50).
We need to wait until a good breakout above the MA with great volumes. It could be the start of the 2nd wave.
Hi Richard,
In regular times, I would be a typical trend follower ; we are not facing "logical markets" these days ; meaning ? get in fast on extremes, sell on any bounces up.
Pattern of oil is getting much better ; gut feeling ? oil will trend up
Intuition versus reality ; if prices close below $45, my intuition will be wrong
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