Oil for the past month has followed a bullish channel. We shall see if this continues coming into this week. As seen below, the circled region represents the 50 day moving average crossing the 200 day MA which is also a bullish signal. All in all, with the events that have occurred over the course of the week, such as the wild fire in the oil rich production town of Fort McMurray, we could possibly see a cut in production and therefore an increase in price.
Note
Broke the channel opened a short position
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.
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.