dericksim

Oil movement analysis using MACD

FX:USOIL   Crude Oil (WTI)
74 1 3
Currently, price is still clinging onto the current momentum . I will be very careful if prices decide to make a dash for 48. This dash should be best captured on hourly chart and not on this day chart. There is a high chance that price will make a touch and go of MACD . There could also be a chance of a small gold             cross even!

From here there could be 2 scenarios, either maintain the price above $40 for MACD to go nearer to zero or simply a drop in price to smooth out MACD averages. My take is this will still take some time as weekly chart is still far from good and the moving averages are still not in line yet. I believe that price will have to revisit the 30s again before we see any break above $50. Note: of caution is to respect market and not what Tom, Dick or Harry thinks!

Till then I will trade what I see on the H1 chart. Cheers and happy trading.

snapshot
dericksim
6 months ago
hmm seems that was right on this one. it will be pointless to see the daily chart now as it will not show the MACD cross up. (it did actually crossed when price hit 47 and above). The reason for such a technical phenomenon is actually hidden in the H1 chart. As to why such a thing is happening, I will leave it to you for the guess work :). Cheers.
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