US Oil has been in a range from 42-52 for some time now.
If range continues , then an oscillator such as RSI may be predictive.
Currently on the intraday chart the RSI is oversold. This is not of primary interest. Watch for a potential bullish divergence of this oscillator within the OS zone.
Combine this with price action support around the minor supporting trendline , and the two may give you conviction for a short term long to the top of the range.
If range continues , then an oscillator such as RSI may be predictive.
Currently on the intraday chart the RSI is oversold. This is not of primary interest. Watch for a potential bullish divergence of this oscillator within the OS zone.
Combine this with price action support around the minor supporting trendline , and the two may give you conviction for a short term long to the top of the range.