Opps.... trap door open.

Just saw a quick dip to 39.88..

Come 'mon bears.. cover cover cover.

Come bulls... hold this line... 40.

Yes.. it always zigzag but it has been trending lower highs since the peak on June 8th.

I can see there is a dip to that valley on April 17th (39.51) but let see if this can act as next price support if
$40 cannot hold by closing.

Crude price is pretty fast moving.. it just a couple of days. It can move 10% or more if volatile enough.

Darn DWTI... what a rocket ship.

Bulls/bear fighting hard here at the $40 level.

Bears may jump in again in Asian market tomorrow to play with Oil but
we need to see how Wall street react again tomorrow night, hopefully push it back
above $40..and then $40.50 to $41 and so forth.

Personally, I need it to be in range play: 40-45 to make money.

This post has been edited by danmooncake: Aug 2 2016, 06:31 AM

It gaps up.. so let's play fill that gap.

It works.. XLE also follows crude pattern now. Sold into the rally at open, and now, moved back down.
Let see if 65 can hold here. Got some options to sell.

It is volatile.. overnight, they spiked up the futures, now
traders are taking the profits. We're back to same price like yesterday closing.
As long as it stays around here at $40 for a few more days, this could be the bottoming process.

Dow, SP500 and Nasdaq... pulling back -0.5% now.

Still mild here. Crude still holding that $40 line here.
Fight, fight, fight.

Oh no....

Frackk... this is getting serious.

Still holding.... almost puke out.
Near closing time, hasn't gone back to $40 yet but at least bounced off the lows.

But, only 3 more days to go.
Hopefully, it will stay here or bounce back up a little.

This post has been edited by danmooncake: Aug 3 2016, 03:20 AM

I'm surprised that XLE closed in positive despite crude below $40... it dived down, I added more.
Now, I'm in positive territory.

Awesome, this created a nice rebound for XLE regardless of crude price here.
Very nice rebound from yesterday close. Gonna add more...

Going back to $41 for sure... buy buy buy.

If it happens, I will be very happy because XLE will likely go back above 68 here.

You know, that latest inventory report makes no sense.

The financial writers were just making up stories of strange behavior of oil prices (plunges, then rally) and try to link it to the opposite direction of what is supposedly still a very bearish news for oil.

But, I think it is good for us who are more technical analysts/readers than fundamentalists. It's basically oversold condition at the lower side of the range already. Must bounce back to 40-41, and hopefully it can continue to claw itself back to 44-45, we will play bear again.

Pulling back a little... but still holding $40 support here.
Option decay starts to creep in.

The play range for tonight is 40.50 to 41.50. It small but doable.
I think it will lean towards $41 or higher by closing.