Comments on: /CL USO Crude Oil Analysis 10-6-22

By: KevinK

KevinK — Thu, 06 Oct 2022 16:51:37 +0000

That VIX chart also has a bearish PPO crossover way above the zero line. That seems to have preceded downturns consistently in the past.
1 pm, nasdaq and the bulls not giving up.
Thanks again for the chart.

By: trade0039

trade0039 — Thu, 06 Oct 2022 16:18:16 +0000

Keep an eye on VIX as well… Its forming a Bullish falling wedge and on 20 SMA which is very accurate acting as S/R!

By: KevinK

KevinK — Thu, 06 Oct 2022 15:43:39 +0000

In reply to trade0039. Good observation. I just think theres a big tug of war going on now that the bears will eventually win, but the bulls are giving it their best effort right now.

By: trade0039

trade0039 — Thu, 06 Oct 2022 15:28:51 +0000

In reply to KevinK.

Very true!

According to my thought process, we are in the Bear market and it is clear we are forming LL and LH in the Daily TF. The buy signals like PPO crossover tends to trap the Bulls and fails from which we could see stronger price action which in this case would be towards the down trends!

Please see the attached chart just this year alone! I have circled in 3 points where PPO crossover was Failed!

By: trade0039

trade0039 — Thu, 06 Oct 2022 15:10:58 +0000

In reply to KevinK. yw!

By: KevinK

KevinK — Thu, 06 Oct 2022 15:07:46 +0000

In reply to trade0039. But it also looks like a positive PPO crossover below the zero line.

By: KevinK

KevinK — Thu, 06 Oct 2022 15:04:23 +0000

In reply to trade0039. Thanks for all the charts trade0039. Very helpful.

By: trade0039

trade0039 — Thu, 06 Oct 2022 14:44:03 +0000

Also, I am seeing 20 SMA has been a clear support or resistance in 2022 and now its trying to reject 20 SMA. Also, its at 38.2% Fibonacci Level!

By: jimdrap1

jimdrap1 — Thu, 06 Oct 2022 14:31:03 +0000

Godspeed Randy

By: becky

becky — Thu, 06 Oct 2022 14:18:56 +0000

You should probably roll your futures. November contracts /CL mirror USO.