MOAM
Short

EC - Ecopetrol towards 7: Divergence, Elliot 1 and Oil

NYSE:EC   ECOPETROL S.A. AMERICAN DEPOSITARY SHARES
21 0 0
In this new version of graphic analysis, several factors that are supported by the fundamentals of the company, by direct effect of current oil             prices and the average of the oil-price in the first quarter, as well:

1. Clarity of divergence between price and RSI , denoting a next correction.

2. In reference with Elliot waves, the magnitude of the price advance from its minimum price from 5.36 up to 9.85 denotes an impulsive wave developed, so in this case would be the first (I), for which there must be a correction at least until 7 USD, which coincides not only with the fibonacci retracement of 61.8% as well as could exceed the average of 100 periods.

3. Finally, the price of oil             seems to begin a new bearish (correction) wave, which directly affects the interest by the action of Ecopetrol.
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