19 thoughts on “Major sell alert in crude oil today.”
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Let Friday's sales (6 Jun) be a lesson to those who believe you will successfully short oil in today's environment. IMHO, it's the equivalent of shorting some blue chip,strong earnings, stock in a wild bull equities market.
The world can continue to function without gold, and some other commodities, but not without oil.
Yes, what happened to the june 4th major sell signal triangle on the crude oil chart? If it is wrong, are the triangles being removed after the fact?
Worst Sell Signal Ever!!!!!
Date Open High Low Last Change
06/06/08 128.20 137.70 127.81 136.85 +9.06
06/05/08 122.23 128.38 121.61 127.79 +5.49
06/04/08 124.23 125.10 121.84 122.30 -2.01
06/03/08 127.50 127.98 123.87 124.31 -3.45
06/02/08 126.25 129.35 125.22 127.76 +0.41
As usual, trading triangles are a step behind.
Well so much for the major sell signal in crude
just watch "A CRUDE AWAKEING" and you will see
why oil will have only small corrections for years
to come.
Happy trading!
Yesterday and today are examples why triangles don't always tell the story - sometimes events take the lead.
Yep...it bounced alright...and "major" sell signal magically disappeared from the chart...i guess there is no space on one candle for both major sell and buy signals
yip it sure was a bounce
Yeah I guess you could call that a bounce today
we're sitting on the 50dma--expect a bounce? or not?
There will always be short term corrections down in the price but the overall trend is very much up and will remain that way for fundamental reasons.
1.The pitiful US Govt and its agencies are trashing the value of the US dollar, and for the time being, OIL will continue to be quoted/traded in USD.
The extent of this USD trashing can be seen by a simple comparison of increases in crude costs in Euros vs crude in USD over the past 2 years.
2. The world has reached PEAK OIL and total reserves are in decline. Additionlly, Global demand is outstripping supply as demand increases and supply just cannot keep pace.
3. The Americans (4% of the world's people who use 25% of the world's oil - yes 25%) are living in(clinging to)the past and are too stupid to realize that they have to significantly reduce consumption.
4. No huge oil fields have been discovered since the 1970's and new oil finds cannot keep pace with declining reserves. A number of previous exporters of oil are now net importers. Mexico which has traditionally supplied a significant % of US imports will over the next few years be forced to reduce and then stop international oil exports just as other countries like Indonesia have done.
5. Everyone now knows that major OPEC producers have over stated reserves and many of their large "mature" fields are in decline. Many oil sources are now located in politically unstable economies and threats, and cases of, interruption to export supplies from these countries is a constant problem for a commodity where supply continuity and reliability is a necessity.
6. Most of the world's easily extracted oil has been consumed. Current reserves will become increasingly more difficult, and much more expensive, to extract over time.
If you are shorting oil for more than days at a time to capture a very ST correction - lots of luck to you.
I wonder if Soros now waiting to short oil. Because he is the one who's promoting oil is a peak and it will crash soon. The repeat history of Sterling, perhaps. Crude Oil lingering at the lower band of Bollinger Band, and as you pointed out, it has signalled major sell yesterday. Happy Investing!! YEY!!
what do you think about ferilizer's stock and all shortage of food, do you think their is still we can make money. what is the next sector are ready to move upward. do you hold any water stocks or alternate energy,
thanks
Talking about CNBC, I totally agree.
It's also interesting to see the results of the poll to the right of this blog!!
Dont need the weekly chart to confirm the short
trend before you enter on daily chart
Yes, crude oil ranks first we hope to encourage the purchase of the funds Walling because traders need to
The media has been talking about the rise in oil and making noise about it for most of this year. Last weeks CNBC show was more of the same...why was that show telling?
New oil was at the top when CNBC had a show a week ago called Oil Crises in America. Once the media makes a big deal out of something it is time to sell. I knew oil was topping out when CNBC had the show on . Plus all they talk about is oil.
CNBC helps the hedge funds and professional traders get out of there positions by getting the public to buy at the top. Hedge funds and professional traders need someone to sell to.
I have been short oil for a few weeks.