Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Technically Speaking, The Move In Oil Could Be A Gusher

Published 10/07/2015, 08:01 AM
Updated 05/14/2017, 06:45 AM

Oil lit up traders screens yesterday with a strong move higher. It still has not gotten over the August high but looks like it may Wednesday. Just how high can it go? Technically, it has a lot further to run.

WTIC Daily Chart

The chart above shows the move higher in West Texas Crude, out of a technical pattern, a symmetrical triangle. This action suggests a continuation higher. With the strong momentum indicators (RSI and MACD) backing it up, it gives a target to the upside of about $57.

You can see that it has potential to run into some over head supply there as it exchanged hands among traders in a range from $58 to $61 for nearly two months this Spring. But that is still a long way above. Enjoy the gush higher for now.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.