Comments on: UWT Swing Trade Idea

By: rsotc

rsotc — Thu, 09 Jan 2020 16:24:02 +0000

One potentially bullish development to watch for would be for /CL to rally back up to & especially above that bearish pennant pattern (shown on the 60-min chart above & also covered in the subsequent video) as that would indicate a bear trap is likely in play. i.e.- those traders that shorted /CL on the breakdown of the bearish pennant, expecting another leg down commensurate with that large flagpole (impulsive move down leading up to the formation of the pennant continuation pattern) will start to go underwater with their stops being hit, thereby triggering more buying pressure. Not quite there yet nor can I rule out another thrust down to test that uptrend line, which I would almost put 50/50 odds on at this time but if so, that will offer another objective long entry or add-on to the trade with stops somewhat below.

By: Danjhn7

Danjhn7 — Thu, 09 Jan 2020 16:05:16 +0000

thank you much

By: rsotc

rsotc — Thu, 09 Jan 2020 16:04:20 +0000

In reply to ds2000. Y.W. but no need to thank me as this is what I do. Make sure to watch the video that was published right after this post as it provides a much more comprehensive analysis of both crude and the energy sector ETFs, as well as trade ideas & price targets on those as well.

By: rsotc

rsotc — Thu, 09 Jan 2020 16:01:37 +0000

So far (knock on wood), /CL has reversed with a low of 58.66, a mere 2 cents below my 58.69 target & is starting to move impulsively higher. All the better if that recent low marks the end of the drop off Tuesday's divergent high although another thrust down to the uptrend line just below would also offer another objective long entry or add-on with a stop somewhat below.

By: ds2000

ds2000 — Thu, 09 Jan 2020 16:00:44 +0000

Thank you for the heads up.