OIL - Almost
Yesterday we broke above the down trendline. Today price was above both the 10 EMA and 10 SMA almost whole day.
By the close we closed below both moving average. A close above the 10 EMA and 10 SMA will pull the big players into this market .
Indicators are showing signs of reversal : RSI has left oversold levels. MACD crossed over at extreme levels.
Notice how strong this level (44-44,5$) we need to break:
10 SMA
10 EMA
Blue trendline
Previous DCL
If we could successfully close above 44-44.5$ the bottom would be in.
The only thing concerns me the non-correlation between oil and the stock market... They should bounce hand in hand... It's hard to tell what would be if we had a correction in the SM... Today oil was bouncing while SM was correcting.
By the close we closed below both moving average. A close above the 10 EMA and 10 SMA will pull the big players into this market .
Indicators are showing signs of reversal : RSI has left oversold levels. MACD crossed over at extreme levels.
Notice how strong this level (44-44,5$) we need to break:
10 SMA
10 EMA
Blue trendline
Previous DCL
If we could successfully close above 44-44.5$ the bottom would be in.
The only thing concerns me the non-correlation between oil and the stock market... They should bounce hand in hand... It's hard to tell what would be if we had a correction in the SM... Today oil was bouncing while SM was correcting.
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