OIL - CAUTION ADVISED! Possible Reversal?
If we look at the chart here for oil we see that we may need to exercise some caution...
The price is open under the 9 day moving average, the RSI is showing signs of exhaustion, the stochastics have movement a bit down and the MACD looks like it wants to start flipping.
Now, is this the time to act? No. But you may want to take some profit if you have open oil positions. If we close below 52 keep an eye on the 50 day moving average to see if she goes below that.. We may need to re-evaluate the positions.
This will of course have an impact on my USDCAD idea as well...
The price is open under the 9 day moving average, the RSI is showing signs of exhaustion, the stochastics have movement a bit down and the MACD looks like it wants to start flipping.
Now, is this the time to act? No. But you may want to take some profit if you have open oil positions. If we close below 52 keep an eye on the 50 day moving average to see if she goes below that.. We may need to re-evaluate the positions.
This will of course have an impact on my USDCAD idea as well...
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