649bruno
Short

Light Crude Oil: The Lady Or The Tiger? Bullish Or Bearish?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
101 0 7
MaryJane posed an interesting question. Is this a bearish wedge?
Is is bullish or bearish? Is it the "Lady or the Tiger?"

As I view the chart the indicators are 50-50. You can make a case for the bull side. You can make a case for the bear side.
My opinion is.....
1. The RSI/ Stochastic is over-bought;
2. The CHOP reading (under chart) is in the shaded area, indicating no trend at the moment;
3. MACD (middle top) is working its way to over-bought; but the tie-breaker is...
4. The last Fractal was a sell on September 6th at 8 PM CDT at 43.84.

Would I take a position now? No. I would wait for the failure in the bearish wedge at (or below) 45.64.
Good luck to you. Don.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out