Oil has had a good run up for months now. Looking at the weekly oil-chart, and the channel drawn and using a few tech studies on hand, I get the feel that we may see a good correction coming up.
The top of the channel is near $ 90/barrel and the support of the channel is currently $ 68.71. The weekly RSI is 72.0 starting to become quite overbought, and adding a potential negative divergence as well, suggest we should be cautious about the current oil price. The STOCHs also is negative (not shown here).
The MOON phase is interesting showing NEW MOON a sign for an upcoming decline. I guess we are going to see some reasonable pullbacks on some asset classes, including oil.
Strategy is, sell current or near the top of channel, and take profit $ 69.00. A break below would bring $ 50-55 again as objectives, which I feel is possible near term 1-3 months.
The top of the channel is near $ 90/barrel and the support of the channel is currently $ 68.71. The weekly RSI is 72.0 starting to become quite overbought, and adding a potential negative divergence as well, suggest we should be cautious about the current oil price. The STOCHs also is negative (not shown here).
The MOON phase is interesting showing NEW MOON a sign for an upcoming decline. I guess we are going to see some reasonable pullbacks on some asset classes, including oil.
Strategy is, sell current or near the top of channel, and take profit $ 69.00. A break below would bring $ 50-55 again as objectives, which I feel is possible near term 1-3 months.