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Strategies & Market Trends : The Art of Investing

PICK 54.42

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Jan 9 4:00 PM EST

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To: Sun Tzu who wrote (5329)	8/30/2022 1:46:40 PM
From: stuffbug	Read Replies (1) of 10741

Thanks, but it wasn't a call. I don't predict prices, just calculate potential targets on the upside and downside. As for timeline, I was more short term oriented, looking for the low by last Friday's close - Fri low was 91.08. 91 was approx midpoint of my 21 day momentum trading band. Midpoint is now 92.80; a close under the midpoint opens up the possibility of a trip to the lower band (87.50 and rising). I place more importance on the 63 day (3 month) bands as they indicate the intermediate trend. Today's action is ugly - possible bearish engulfing candle. In a strong bull market, oil should be tacking onto yesterday's gains. Worst case, $95 should have held. Another negative - my Wave Oscillator peaked yesterday. IF oil bottomed mid Aug, THEN the oscillator suggests wave 1 is complete and wave 2 has begun. Following 3 month lows and an initial wave 1 thrust, wave 2 corrections often span just 3 to 5 days. Fundamentals - the OPEC meeting is next week and month end is tomorrow.. Shorts will want a low close - Oct WTI contract opened Aug at $96. Oil has corrected 50% of the move off the mid Aug lows. Interesting chart dynamics. Continuous oil futures contract - struggling to break the 200 day ma. Oil dropped under the 200 sma at beginning of Aug and clawed its way back last week, finally closing above the average yesterday but back down below today October Contract - current front month Rising 200 day ma (currently 88.8) has provided a floor for prices. Only 4 closes under the average.

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