jangseohee

CL1!, Have we really bottomed?

Long
NYMEX:CL1!   Futures Petrolio Greggio Leggero
I am not pro here, so i cant have 2 screens inside one post but i will post the 2008/9 for comparison at the comment below
If you can have two screens comparing side by side or overlay of these two "bottoms" please do add in the comment thanks

Have i missed out the most important and yet obvious observation huh?? Is this time going to be different or history of 2008/9 oil BOTTOMing process has repeated.

We see that after a prolong plunge and bear oil market since last July 2014 and price had made 2 dips with BUllish divergence. Looks like a W bottom so far.

And the moment price breaks 54.. it seems that there is a layer of No man's land just like the last two weeks of Dec 2014

I slapped myself silly, pinched my cheek hard so that i am objective about this price action.

RV and Spydercrusher have shown linear chart of CL1! that basically oil found support at multiple year uptrendline
Please do comment

I am so ashamed of myself for not picking this bottom while i am able to do it for XLE. WHAT THE HECK am i so silly

Bang my head on the table ^_^

P.S. Diff this time? I should wait for retracement now and Long.. any downside should be hedged with shorts

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