Rockfeller's Empire Strikes Back - Black Gold vs 01001001XOI oil index vs Nasdaq. Most hated vs Most loved (seems tide is turning for both)
Weekly RSI on this ratio unheard of 9 in April 2020.
I will always remember the great Kennedy Gammage of the Richland Report
talk about the cyclical shift between paper assets and hard assets.
That was in the 1998-
OIL index at critical point: updateThis is a follow up from my April post. (see link below if interested).
The target I had has been hit. We had a reversal candle today so far. So check after the close.
The low recently touched but did not go below the level "a or 1"(754) . If it does near term it would likely indicate that all this
Follow on OIL Gas Index with near term target In the last few weeks the OIL and Gas Index has risen even though crude dropped again despite the agreement of major producers to soon start cutting production by 10%.
The gain Friday is encouraging that the rise has further to go. If this is just part of a upward correction a likely targe
OIL and Gas Index: Close to a bounce? IF this count is correct we could be at a temporary or even possibly a long term bottom. I have two "B " , if the 2nd one (B?) is the correct one then may have more drop to the .84 retreat. Must watch the price action the next couple of weeks for comfirmation. Process you way.
Have a great week.
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Displays a symbol's price movements over previous years to identify recurring trends.