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Wti#crude#long

They broke the uptrend but are reluctant to sell it further.Crude did not roll over and die after breaking the uptrend. A BIG emotional candle after a disappointing eia report broke the trendline dating back to january, but what puzzles me is why it did not break down further after the retest of that line from the back. Maybe they are anticipating the BIG DRAW eia report on wednesday and therefore hesitant? Or is this just a corrective structure (the overlapping price action would fit that) and are we coiling for a bigger move up? As always, price will tell us. I have marked out some possible scenarios.
NYMEX:CLQ2016
by copydrbij
Time to buy MPC? OVX might be a reason why. This is a simple overlay of MPC and INDEX:OVX . The chart is self-explanatory. I'm not saying these two will cross, but so long as they converge, it is a good sign to be long MPC. The stock itself is oversold. It has lost half it's market cap since early Dec. Since free-falling, it has found a nice bottom at $29. Buying MPC in the low $30s and holding until April could bring us closer to the $55-70 valuation. Selling at $50 is more in line at the lower end of analysts revised expectations. If INDEX:OVX stabilizes, and INDEX:SPX decides to capitulate, overlay MPC with the S&P, and you'll find that this stock has historically bucked the market. Disclosure: I am long MPC.
NYSE:MPCLong
by nodiggity
2
Comex Market Analysis and Trading Tips - US OilOverview : Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003. On Technical charts, Major trend of crude oil is strongly bearish and market is making lower top and lower bottom formation in downward sloping channel on chart. Market is poised to be further bearish, it has gone below its recent significant low of $26.19. It has been taking resistance of 200 DMA on four hourly chart. Expanding of bearish gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $29.55, while next support is seen at $26 a barrel 2003 low. On intra day basis Crude oil price likely to trade lower today. If it break the support of 26.00 then it is likely to show the level of 25.00. RSI is still place in negative territory below the mark of 50. ADS is also sustaining above 40 mark with negative DI place above the positive DI, which is showing that momentum would be bearish. www.tradingsignalreviews.com
FX:USOILShort
by piponomics