SamKent

Oil at an interesting point

FX:USOIL   Crude Oil (WTI)
131 0 1
Oil             is trading in an interesting way on the 1H chart. It's sitting at a point of equilibrium between buyers and sellers, as indicated by both RSI and Slow-Stochastic readings of around 50. Looking at the overall market structure, we can see oil             had a highly impulsive move downwards, but has since been consolidating in a wedge type formation. The interesting aspect of this wedge is that if we take a close look, we'll see the bullish candles are fewer, yet carry a heavier punch to them. That is interesting to us, this kind of situation may convey to us that oil             is possibly basing. Therefore, we're currently neutral on oil             , we no longer have a big bearish bias, and we're awaiting future price action to get some indication of where this market is looking to head.
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