Chart shows 4HR price chart of USOIL-2.52% with RSI .
Divergences are noted on chart.
Key idea to keep in mind: The market has price and momentum movement that creates the window of r a new item to catalyze a move. Look at the fat bullish divergence that was in place prior to the "Freeze Tweet" that sparked the rally. If you look at the chart, the market was primed and ready to rally prior to that tweet.
Now look at the bearish divergences setup prior to the now-failed Doha meetings that just concluded. Notice the market has positioned itself for a price fall, with the momentum decline on higher price that makes up a bearish divergence?
Lesson? Listen to price and momentum. News often provides the justification for the next market move.
Divergences are noted on chart.
Key idea to keep in mind: The market has price and momentum movement that creates the window of r a new item to catalyze a move. Look at the fat bullish divergence that was in place prior to the "Freeze Tweet" that sparked the rally. If you look at the chart, the market was primed and ready to rally prior to that tweet.
Now look at the bearish divergences setup prior to the now-failed Doha meetings that just concluded. Notice the market has positioned itself for a price fall, with the momentum decline on higher price that makes up a bearish divergence?
Lesson? Listen to price and momentum. News often provides the justification for the next market move.
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