6 day RSI is leaving oversold territory. MACD is turning up to crossover.
We are on day 37 , sentiment is bearish again so
the next rally can start in oil in the new daily cycle .
4-5 more weeks to run in this 2nd daily daily cycle befor it tops.
It should print a higher high above 50$. Oil companies like VALE, CLF,
OAS were not falling just consolidating during oil's 2 weeks of decline.
We are on day 37 , sentiment is bearish again so
the next rally can start in oil in the new daily cycle .
4-5 more weeks to run in this 2nd daily daily cycle befor it tops.
It should print a higher high above 50$. Oil companies like VALE, CLF,
OAS were not falling just consolidating during oil's 2 weeks of decline.
Comment:
We are closing the day above the 20 and 10 EMA.
I will add tonight or tomorrow morning in the energy trade.
I will add tonight or tomorrow morning in the energy trade.
We are holding above the 50 EMA.
WE have a swing in place , so the swing traders will start to long oil if we can hold the price above 37$.
Higher high is coming.