Oil of course is reacting to world trends. I don't need to cover the emotional roller coaster which is being presented in the world to you - you know what I am talking about.
Of course, this behavior becomes confusion in the charts.
Daily:
Trend: Bull
Consolidation: None
Single Renko Bullish box on 20-Jun
Both RSI and BSI haven't caught up yet to the positive trend yet.
Price Projection on the daily is for 65.15
Weekly:
Trend: VERY WEAK BEAR (Near the 21 and 55 MA but still below)
Consolidation: YES!!!!!!!
There is a four bar consolidation in place. 59.67(R)-50.63(S)
The last price projections before this week were very negative with: 45 and 36.04 as targets.
The weekly shows NO entry signs at this time (plenty on the daily however).
Of course, this behavior becomes confusion in the charts.
Daily:
Trend: Bull
Consolidation: None
Single Renko Bullish box on 20-Jun
Both RSI and BSI haven't caught up yet to the positive trend yet.
Price Projection on the daily is for 65.15
Weekly:
Trend: VERY WEAK BEAR (Near the 21 and 55 MA but still below)
Consolidation: YES!!!!!!!
There is a four bar consolidation in place. 59.67(R)-50.63(S)
The last price projections before this week were very negative with: 45 and 36.04 as targets.
The weekly shows NO entry signs at this time (plenty on the daily however).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.