Oil is closing in on it's next major support area as you can see
on the 10 year weekly chart- You can see the next line down has
numerous touches between the 56-58 level. Considering how oversold
all the indicators are, we could possibly see some bounce from this
area.
We're currently trading at 58.90, so maybe another swoon down
for a day might set us up for a bounce, unless some eager traders
decide to beat everyone to the punch before it get's all the way
there. I noticed today, that a lot of the oils were pretty froggy
when market was bouncing, even though oil itself wasn't doing
anything positive. Personally watching ERX and DIG. ERX bounced
about 4 points today in less than 2 hours before pulling all the
way back, so to make any real money we need to see oil bounce along
with the market. Of course if the oils bounce will help the
indexes.
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Oil
Posted by racerick on 12th of Dec 2014 at 04:48 am
Chart link
Oil is closing in on it's next major support area as you can see on the 10 year weekly chart- You can see the next line down has numerous touches between the 56-58 level. Considering how oversold all the indicators are, we could possibly see some bounce from this area.
We're currently trading at 58.90, so maybe another swoon down for a day might set us up for a bounce, unless some eager traders decide to beat everyone to the punch before it get's all the way there. I noticed today, that a lot of the oils were pretty froggy when market was bouncing, even though oil itself wasn't doing anything positive. Personally watching ERX and DIG. ERX bounced about 4 points today in less than 2 hours before pulling all the way back, so to make any real money we need to see oil bounce along with the market. Of course if the oils bounce will help the indexes.