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Post by huh on May 5, 2015 9:44:10 GMT -5
oh boy Yeah, could get oil to ~65. I'm waiting for confirmation. USO filling an upside gap right here. (dollar agreeing with the oil up move so far though) I've been looking at every angle for a technical reason to short oil on this pop, but it's not there right now unless it were to lose the $60 area. Upside target still ~64-65. (I'm eyeing the 64.15-64.20 area)
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Post by clinton on May 6, 2015 22:33:57 GMT -5
Canadian energy stocks hammered after "devastating" Alberta election May 6 2015, 14:36 ET | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip Canadian energy stocks are broadly lower after the shocking election result in Alberta raised questions about the future of the country's oil industry: SU -3.3%, ENB -2.8%, TRP -2.6%, IMO -2.3%, CNQ -2.3%, CVE -5.8%, OTCQB:HUSKF -1%, TCK -1.6%, TAC -4.1%, OTCQX:COSWF -6%."Energy is such a critical issue to Alberta, I’m really not that concerned," ENB CEO Al Monaco says, but investors and analysts disagree."It’s completely devastating" for energy companies and investors, saysCanoe Financial's Rafi Tahmazian of stated plans by the newly elected government to raise corporate taxes, review the government’s take of energy revenue, scale back advocacy for pipelines and phase out coal power more quickly.“If you are invested in energy stocks, you should be concerned,” says AltaCorp’s Jeremy McCrea, noting that drillers already face higher costs to extract oil and gas in Alberta than in many jurisdictions, so an increase in royalties would make the province even less competitive.
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Post by huh on May 7, 2015 7:33:08 GMT -5
Potential small iH&S in oil to get it back to yesterday's highs (~62.30). I have no doubt yesterday saw some major unloading in oil, so if this pattern plays out, yesterday was perhaps the first stage of a topping pattern.
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Post by huh on May 7, 2015 8:49:21 GMT -5
One day I'll get a call right
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Post by huh on May 7, 2015 9:21:25 GMT -5
...59.50 is support now...I think it's done if it loses 60.30... Well, the bottom of the potential iH&S was ~60.30. Now it's testing 59.50. Maybe I'll be wrong about the 60.30 failure to make me right about the 59.50 and the iH&S. 2 wrongs don't make a right. But they could make 2 rights, right?
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Post by huh on May 7, 2015 9:31:50 GMT -5
Now <59.50, but dollar filled a gap from yesterday with that HOD just now. If oil can't rise now, I give up on it.
59.60 is the resistance to beat now
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Post by huh on May 7, 2015 12:59:10 GMT -5
One last try, 'cause I'm a glutton for punishment. WTI SHOULD bounce from the 58.50-58.75 area, if only to create a large H&S pattern now. If so, hopefully it'll do the usual H&S-RS-squeeze-to-new-high and tag that 64. I don't even care if I get my short entry or not anymore, I just want to be right on it one time!
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Post by huh on May 8, 2015 8:04:45 GMT -5
OK, so I can't get the exact numbers right in WTI. I give up trying. But WTI is creating a H&S here and should have a few more days at best to consolidate. If it somehow were to rise back above $60, it would likely squeeze to a slightly higher high like so many other H&S' have done. Either way it's a short, downside ~54. It's only about getting an ideal entry now. And I'm leaving it at that.
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Post by clinton on May 9, 2015 22:14:51 GMT -5
U.S. oil rig count down another 11 in 22nd straight week of decline May 8 2015, 14:14 ET | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip The number of active U.S. oil rigs fell another 11 rigs from last week to 668, according to the latest survey from Baker Hughes, the lowest total since September 2010 and the 22nd consecutive weekly decline.There are now ~58% fewer oil rigs working since the October 2014 peak of 1,609.For all rigs, including natural gas, the week’s drop also was 11 to 894.
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Post by huh on May 12, 2015 7:15:45 GMT -5
WTI in squeeze territory now (above that shoulder test line).
If >60.70 then back to highs, wouldn't expect any higher than ~64.
If <59.80 then downside target 54.
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Post by huh on May 12, 2015 10:55:01 GMT -5
Squeeze you dog you
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Post by clinton on Jul 22, 2015 20:06:59 GMT -5
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Post by novie08 on Jul 22, 2015 22:05:05 GMT -5
That's ridiculous...it's $2.50 here and much less in S.C. due to their low gasoline tax.
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Post by novie08 on Jul 27, 2015 10:58:58 GMT -5
Interesting that oil is down so much with the dollar down...
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