Followers | 679 |
Posts | 140823 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Saturday, July 29, 2017 9:55:39 AM
By Carl Swenlin | July 28, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
Crude oil is subject to vigorous price moves followed by sharp reversals. The current daily chart looks very bullish at present. Price broke out of a bearish rising wedge this week, and it also broke above a declining tops line. A less accelerated declining tops line and the 200EMA are just ahead, both ready to offer longer-term resistance. Note that the 20EMA is rapidly closing on the 50EMA, and an upside crossover may take place next week, which will generate an IT Trend Model BUY signal.
The weekly PMO turned up this week, and this week's price breakout on the daily chart has prompted me to redefine (lower) the bottom of the trading range slightly to include the recent price bottom.
The monthly chart gives a good demonstration of how a rising PMO is not necessarily always a good thing. In this case price has been running sideways for a year-and-a-half, which is a rate-of-change of zero. As this lack of progress is plugged into the PMO calculation, it will cause the PMO to drift back to the zero line. So it is good that the PMO is rising, but it doesn't actually signal a buying opportunity in this time frame.
http://stockcharts.com/articles/decisionpoint/2017/07/decisionpoint-weekly-wrap----7282017.html
• DiscoverGold
Click on "In reply to", for Authors past commentaries
*** For Market Direction and Trends visit our board:
https://investorshub.advfn.com/Market-Direction-and-Trends-26249/
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM