TradeApe

Oil Weekly Analysis - Make up your mind!

FX:UKOIL   Crude Oil (Brent)
Ever since Jan 2015, the bulls have gained a bit of strength. Having said that, momentum's been dropping ever since they've started sitting in the driver's seat. Also, it seems to be a baby bull with not that much momentum behind it.

So overall, this still looks bearish to me with D+ not even above 10 and Ichimoku screaming "short" at me. Personally, I think price will want to get back to the 70-80 range in the medium to long term...but the bull's too weak still. Could turn quickly though given the right catalyst.

If momentum picks up and we're heading short, it's going to try and hit previous lows around 45. Looking at the last 2 weekly candles it's clear why I wasn't in favor of taking any trades ;)
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