Support looking like it might have been found last week at the 50 Moving week average, confirmation with another week to the upside would be a strong indicator of a momentum shift.
This momentum shift is occurring with the MACD trying to flatten out above the 0 level. Typically long term momentum is dictated by the MACD line value +/-.
A momentum change is even more likely because the commodity is in oversold territory. If, however, the slow stochatics stays below the 20 level for a couple of more weeks, strong sell pressure is likely going to occur.
A closer look at this past months reversal.
If the oil instabilities get worst (ie another oil producer cutting shipments) prices could get to 125 by summers end.
No comments:
Post a Comment