6 day RSI is leaving oversold territory. MACD is turning up to crossover.
We are on day 37 , sentiment is bearish again so
the next rally can start in oil in the new daily cycle .
4-5 more weeks to run in this 2nd daily daily cycle befor it tops.
It should print a higher high above 50$. Oil companies like VALE, CLF,
OAS were not falling just consolidating during oil's 2 weeks of decline.
We are on day 37 , sentiment is bearish again so
the next rally can start in oil in the new daily cycle .
4-5 more weeks to run in this 2nd daily daily cycle befor it tops.
It should print a higher high above 50$. Oil companies like VALE, CLF,
OAS were not falling just consolidating during oil's 2 weeks of decline.
Note
Data was good.We are holding above the 50 EMA.
WE have a swing in place , so the swing traders will start to long oil if we can hold the price above 37$.
Higher high is coming.
Note
We are closing the day above the 20 and 10 EMA.
I will add tonight or tomorrow morning in the energy trade.
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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.