Oil

[Old Cowzilla]

Crude oil (king of commodities) is now in a bear market having lost 22 percent since October 26th.

Major support is now seen @ $60 per barrel (IMO). A break below $60 may trigger carnage to markets including stocks.

Natural gas also in a downtrend, but may swing on winter weather forecasts. Major support (IMO) is now $4/MMBTU. Suffield has been flat @ $4.35.

Don't see major cold snap in the works yet would Dec be normal seasonal high for natural gas ?

[errolanderson]

Don't see major cold snap in the works yet would Dec be normal seasonal high for natural gas ?

Cold snap primarily across the eastern seaboard would generate a bounce. But that is heating oil country. Europe is a watch also, but Russia appears opening the taps more. That’s pure politics.

Believe Dec to Feb will trigger bounces. Summer, it’s air conditioning demand.

[farming101]

.

[Richard5]

Anyone here trade Ninepoint energy fund?

Why not buy the 5-7 company stocks directly in your own portfolio?

[AlbertaFarmer5]

[ATTACH]9297[/ATTACH].

That looks like a picture perfect textbook bounce off the uptrend line. Or was the line drawn after the fact?

[shtferbrains]

Why not buy the 5-7 company stocks directly in your own portfolio?

Novice investor.

Have some in funds with "financial advisor" but don't have an active account.

Probably look to Nuttall for advice at start so why not just buy his fund? Looks better than what I have now.

[farming101]

Ha! Just drew it today
Fully expect price will take another run at it

[AlbertaFarmer5]

Ha! Just drew it today
Fully expect price will take another run at it

So is that the same line you would have drawn a week ago? Or did you have a choice of many different slopes on many different time scales and that one just happened to be the one that worked out?

[farming101]

In some uptrends the support levels are quite distinct, so yes that is a good line.
Fine tuning that line shows that yesterday's low on the continuous actually probed below it. That's why I say it's likely to take another run at it.

Trying to draw a line on the peaks of an uptrend is usually disappointing.

As soon as an indicator is drawn you need to study and try and find what is going to ruin it

[wheatking16]

In some uptrends the support levels are quite distinct, so yes that is a good line.
Fine tuning that line shows that yesterday's low on the continuous actually probed below it. That's why I say it's likely to take another run at it.

Trying to draw a line on the peaks of an uptrend is usually disappointing.

As soon as an indicator is drawn you need to study and try and find what is going to ruin it

Good points

It involves contact adjustment with new information.

Do you draw from the candle wicks or do you draw from the candle bodies?

Do you allow for overthrows to underthrows?

Some charting platforms allow one to incorporate standard deviations from the line which makes sense if you believe trendlines should be drawn with a crayon, not a pencil.