JamesInterstellarTrading

OIL OIL OIL where will you go?

NYMEX:CL1!   Light Crude Oil Futures
Oil
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oil
The price is testing EMA 89 which I consider this line as a medium period moving average in the day time frame. I speculate that the price will make a rebound back a little bit on next week, but I'd remain neutral though as RSI has not make a clear move yet in either up or down (Oversold or Overbought), but one interesting thing to point out about the RSI is the three times tested on the support I drew. It has not thrown itself over the line which we can infer that this is some significant point of the OIL . Anyway, if the price do manage to throw itself over the support this could go all the way down to oversold zone.