Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.
Monday, June 20, 2011
this morning i humbly upgrade OIL price at around $92, target $115 ~ $120 over the summer
oil ($wtic) at 92's this morning.
i see oil bottoming right around here after i reported oil $113 top, and was bearish at $100 secondary top when upgraded twice by major investment banks twice around $100. recently i see lots analysts talking about $80 ~ $85 oil. now everybody hates oil, and nobody upgrade oil, most capitulated.
USO reached lower red pitch fork target line with a corrective wave A-B-C.
potential upside is upper red or mid green pitch fork lines with a potential summer rally. my oil ($wtic)target $115 ~ $120.
crude oil ETF volatility index quite tame compared to year 2008, it could be approaching the lower red trend line, which could imply a new high on 2011 crude oil above $113.