Browse Stacks: Business: Oil - Daily - 10.19.16.png

Oil - Daily - 10.19.16.png

Oil - daily chart. This is not investment advice.

Comments

007BearLord-She dont end well;)007BearLord-She dont end well;)
Good to see you Dink 10/19/16
DimonDimon
i think it will be higher low this time 10/19/16
Loaf_of_BreadLoaf_of_Bread
i kinda agree with dink , but 52 must act as a top 10/19/16
BKudla wishes he was MauilivingBKudla wishes he was Mauiliving
I am in agreement with real money on it. 10/19/16
pipestickspipesticks
Thats a pretty nice looking inverted head and shoulders you got there.  
Well, without the big red down arrow of course........... 10/19/16
TombTomb
Pipes has a point there 10/31/16
DinkDink
@Pipes and @Tomb: That H&S bottom in oil may or may not turn into a sustainable bottom and while I believe oil has probably bottomed "around" the February lows, I am not convinced it was THE bottom. Why? The volume on the head is not common for what you would want to see on a sustainable bottom. If anything, the volume on the head down at $27 is indicative of a left shoulder, not a head, and that implies that we still need a new low below the February low before THE bottom is in. In summary, I think we are witnessing the building of a large rounded bottom between $24-$50, but for now I would not rule out the likelihood of a marginal new low below the February low before the actual bottom is in. 11/2/16