chartwatchers
Long

OIL - THE DEAL

TVC:USOIL   WTI Crude Oil
3011 21 67
OPEC has surprised the market. The deal shows that they really want higher oil             prices...
The daily close is not important now. We don't need a daily maximum close. The important thing that price has broken the cycle down trendline ( blue) and with this move it confirmed the DCL.
With all this we are on day 8 in a new daily cycle. We have around 5-6 weeks to run.
The RSI bullish divergence worked quite well. RSI can get overbought and can stay at overbought levels for weeks. MACD crossover below the 0 level also a good sign that a rally is starting.

We also break above the green trendline . That was the first daily cycle's trendline . The testback of the green trendline was the last hope of the bears. As we break above both the blue and green trendlines at 46.29$ it will act as strong resistance now. I think we are going to attack 49$ and 51.69$ very soon.
Comment: Our two previous trendline ( blue and green) should act now as support.
We are at the green trendline now. If we break below it the blue trendline must hold.
snapshot
Comment: 46.53 and 46.13 are the 2 levels to be watched.
Comment: The 200 EMA (purple) will be very important during this daily cycle.
snapshot
Hello, would you provide some update of what you are thinking.. is it now moving to 51.69..?
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can u update natty?
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posted
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Class act mate!
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Hope it's not this one!! https://youtu.be/X-rkFaIPyL4
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Just humor. I'm VERY long with you.
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LOL. It will be gold's lightspeed. But it will be fixed soon.
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one more "gift" from chartwatchers
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great analysis Arpi! what about SPX ? it will follow this uptrend?
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