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Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.

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Thursday, November 8, 2018

Crude oil 3 charts




Monthly chart (top) shows a LONG term view.  Longer term oil is still in a down trend from it's peak at around 200 USD per barrel.

Weekly chart (middle) shows that price is approaching a support zone, previous support and resistance area around the 58 USD mark.
Not oversold yet on weekly.

Daily chart:  shows the support zone more clearly.  Looking oversold but no divergence between RSI and price.
See below for an example of positive divergence between price and RSI



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