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Crude oil

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    #1

    Crude oil

    Nice outside reversal setting up on monthly level, breakeven on shale is around $16. Downside target retesting 1998 low ~$10? The industry has this habit of "taking out the competition". Just a thought rattling around in my head looking at possible war in middle east (really doesn't get more bullish).
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    #2
    Originally posted by macdon02 View Post
    Nice outside reversal setting up on monthly level, breakeven on shale is around $16. Downside target retesting 1998 low ~$10? The industry has this habit of "taking out the competition". Just a thought rattling around in my head looking at possible war in middle east (really doesn't get more bullish).
    I'm not following, are you bullish or bearish? Or bearish in the short term, making a cyclical low, and setting up for long term bullish?

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      #3
      Originally posted by AlbertaFarmer5 View Post
      I'm not following, are you bullish or bearish? Or bearish in the short term, making a cyclical low, and setting up for long term bullish?
      Im bearish until we break the double bottom at minimum. I believe it's going to attempt to finish the downward cycle this year. First clue this isn't over with was the artificial stimulation by Alberta Govt on WCS, yeah it bounced but very rarely do these types of events create THE bottom. In reference to the threat of war and that being bullish, it didn't pop enough. It was a sucker's rally meaning it's gonna crash. There's so much happening right now, -it needs a close over 55.30 at minimum month end, to negate the sell signal.

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        #4
        Is this the chart you're looking at?

        https://www.barchart.com/futures/quotes/CLPAUS127.CM/interactive-chart https://www.barchart.com/futures/quotes/CLPAUS127.CM/interactive-chart

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          #5
          Until the corona virus outbreak stabilizes, I would not consider oil.
          Last edited by biglentil; Jan 27, 2020, 10:12.

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            #6
            Originally posted by beaverdam View Post
            Is this the chart you're looking at?

            https://www.barchart.com/futures/quotes/CLPAUS127.CM/interactive-chart https://www.barchart.com/futures/quotes/CLPAUS127.CM/interactive-chart
            Yes but change your setting to 20yr and you can use either bars or candles. If you zoom in on the current bar it'll give you this, where we've taken out the previous months high and are currently below the previous months low.

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              #7
              Good, Thanks Mac

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                #8
                MacDon, are you seeing something like this?

                Click image for larger version Name: FireShot Capture 048 - US oil Idea for TVC_USOIL by Trent.klarenbach — TradingView_ - www.trad.jpg Views: 1 Size: 13.6 KB ID: 769336

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