In yesterday’s article I shared with you my ideas for scenarios regarding oil movements. But what has happened recently with oil stocks? What movements can we expect in the case of the XOI in the near future? The answers to these questions appeared in yesterday's Oil Trading Alert. Today, I also share them with you. Have a nice read.
The first thing that catches the eye on the daily chart is the breakout above the red declining resistance line based on the previous peaks, which is a bullish development.
This show of the bulls’ strength encouraged the buyers to fight for higher values of XOI, which resulted not only in the breakout above the Jan.31 peak, but also in a test of the Jan.4 high on the same session.
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Everything is going as predicted and is trending downward