quantguy

Can OPEC Counter Oil's Decline??

NYMEX:CL1!   Light Crude Oil Futures
Oil has edged up as OPEC has pledged to compensate for demand woes. We are seeing resistance from 69.67, a relative high. Several red triangles on the KRI are popping up on the chart, indicating we are running into some resistance. The Kovach OBV is still bearish , to the point we are severely oversold, so a relief rally could easily take us 200 ticks higher, though 72.99, the next relative high, should provide significant resistance. From below, 62.80, the relative low, should be considered a min lower bound for now.
Comment: Despite optimism from OPEC, oil has rejected its attempt at higher levels. It's currently holding onto $66 by a thread, but could go as low as $64.86 (relative lows) before close.

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