I’m watching for a bottom on oil today at the 20.52 low. Note the RSI divergence at the bottom of the chart. Price hit a new lower low from the previous while the RSI is hitting a higher low than the previous price low. Note the red triangular pattern on this monthly interval chart. Looks a lot like a bullish wedge to me… a giant one. I’m thinking oil will be back to all time highs within ten years, and back to $70 within four… probably less. Just a guess though. I never thought I’d see oil at this price again, so I guess my track record sucks. Take it fwiw.
Here’s an update on the S&P 500 futures contract. Still watching for comments made in the last post.
Here’s a comment OUCH! Hope you’re doing well and staying safe Rich!
The bottom holds thus far for oil. Keep in mind this is a monthly interval chart, so the candle is not complete until the end of this month. If the price dips lower I don’t care, what’s important is that the body of the candle closes within the formation. I think this has a possibility of being the last best opportunity for buying oil we ever see, but then of course I thought that last one at $24 was so…
I am well and safe, thanks DoneDeal. I hope the balonavirus isn’t freaking you out too much.
The DOW so far has retraced 50% of the move from the lows of 2009, almost tagging the monthly 130 MA. Is that it? I don’t think so, but will update. I still wouldn’t be surprised for the S&P futures to hit one of the MA’s or the 62% retracement. I don’t think the balonavirus panic/political nonsense is done yet. Oil is still staying within the lower line of the bullish wedge. 4 more trading days until that monthly candle finishes and starts a new one. Will update then at the latest.