It's not the only commodity being taken to the woodshed. To top it off, I believe OPEC announced a production hike yesterday. The oil services sector is underperforming today.
jarbo456 wrote:oil just looks so darn weak. -_- anyone have thoughts on it?
ClarkW wrote:I'm a novice regarding trading but I thought black candles point to a likely directional change, which would point more to a move up. Not being confrontational, just trying to learn. Am I wrong on this?
SB73 wrote:From a candlestick perspecitive a black candle today says more downside tomorrow. I'll have to watch the close, but right now I am adding shorts on each pathetic push higher.
remember everything is context--so what time frame? what happened before the black candlestick? the end of a (long) trend generally more likely to mean something different could happen. it could also mean options exp is messing up action both ways.
To me it means we should at least see a lower low than today. My stop can now be blaced just above the body of the black candle stick. They can be all over the board, but based on today's anemic action my guess is tomorrow will be lower than today's low at some point once that occurs I can move my stop up and lock in profits.
Stopped out on both AGQ (small profit) and DGP (small loss) today. PM is sicker than I thought. Holding a small position of TZA I bought this morning over night.
When you say bigger picture is not good for bulls? What is the time frame of the "bigger picture"? week, month, quarter?
Thank you
Just a few days. I cannot see weeks or months.
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