Bullish case for WTI crude (USOUSD) Price above the cloud? Yes
Tenkan-sen crossed above the Kijun-sen? Yes
Chikou span above the cloud? Almost there
Chikou span above price? Yes
Future cloud bias? Bullish
This is not a trade recommendation, it is just my analysis.
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Usousdlong
USDUSD Oil Prices react to Middle EastOn Thursday January 11th ( earlier today) WTI Crude prices gyrated widely
likely in reaction to US /UK intervention on the terrorists who seized a tanker on the behalf of
Iraq in the Red Sea / Suez Canal area putting shipping and supply concerns into the oil industry
to offset any weak demand. The 15 minute chart shows a megaphone pattern as a
demonstration of waves of relative volatility in price action. I have a position shorting oil
and will now close that position as I see a long entry developing here. US companies that use
rail and pipeline matching domestic production to consumption are less impacted by this
oceanic shipping issue. I will focus on them especially. OXY is at the top of the list and then
MRO.