Oil chart - considerations (see chart notes) #OIL #OOTT

Oil chart - conventional indicator considerations (see detailed notes on Trading View chart). $USOIL $WTI $CL_F #OOTT #OIL $USO $UWT $DWT 918 PM Nov 19, 2017

I originally produced this chart months back before oil was in this area of trade (the trendlines and channel - in advance).

Per my last update on Nov 12, all the trend lines have now played out as did the channel.

My observations specific to current area of oil trade on the daily chart;

1. The MACD on the daily oil chart has crossed down and near the top range but appears to be turning back up. Indecisive indication for direction of trade.

2. The Stochastic RSI is near the bottom and turning up. This is bias to bullish thesis.

3. The Squeeze Momentum Indicator is trending down but does (as with MACD) appear to possibly be turning back up. Indecisive.

4. Oil trade recently tested the 20 day moving average as support and it did hold and price did bounce. Moderate bullish indicator.

5. The most upper trend line was recently tested and trade declined price and sent trade back down. On the surface this appears bearish but trade appears to be headed back to the resistance to test it again. This is a bullish scenario until rejected.

6. The most significant signal on this oil chart that may be signalling a short term rest in upward trade or a possible retracement is the fact that the 100 MA recently breached the 200 MA to the upside. This usually signals a rest or a retracement.

If you have any questions specific to this chart and the indicators email me at info@compoundtrading, message me here or DM me on Twitter.

Thanks

Curtis