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Sunday, February 14, 2016
WTIC West Texas Crude Oil Weekly Chart
Price stages a strong recovery on Friday to 29.02 and the weekly candlestick shows price recovering above the halfway point on the candle indicating bullish strength.The positive divergence on the indicators creates the launch in oil price on Friday. The bottom band is violated so the middle band at 38.93 and dropping is in play. The pink dots show price extended to the downside so a mean reversion higher should begin. Oil remains very news-driven but barring any headlines, price should recover going forward for the weeks ahead. There are a lot of shorts so a rally may become dramatic. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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