jcarver1987

Can the WTI bulls continue in the following week or two?

Short
jcarver1987 Updated   
TVC:USOIL   CFDs on WTI Crude Oil
On the daily I see minor bullish RSI convergence, but RSI evidence of continued down trend simultaneously. Daily is about to meet heavy resistance from Bollinger Band 25MA Basis and 0.382 FIB as I've drawn it. The 6/29/2017 Daily Candle suggests indecision, if not the return of bearish presence yet again. I Expect crude to range for the next day or two until potentially rolling over as it resumes the monthly downtrend, barring any surprise bullish catalyst of course.

Comment:
Negative oil rigs? Well apparently that was indeed the bullish catalyst needed to boost crude through the exact resistance levels of I had spoken of. Let's see if my technical analysis will resume at this point, just from the 0.5 Fib combined with 50MA rather than the 0.382.
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