United States Oil (USO) emerging market turbulence’s weighed on sentiment
U.S. sanctions against Iran, however, prevented prices from falling further as they are expected to tighten the market after being implemented from November, traders said.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.59 per barrel at 0645 GMT, down 13 cents, or 0.2 percent, from their last settlement.
Brent crude futures LCOc1 fell by 4 cents, to $77.23 a barrel.
Emerging market woes are weighing on global economic growth prospects, with Asian shares on Thursday heading for their sixth straight session of losses.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 14.21.
The projected upper bound is: 15.19.
The projected lower bound is: 13.82.
The projected closing price is: 14.50.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 25 black candles for a net of 2 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 44.9477. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 55.57. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 45 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 48. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 9 period(s) ago.
Rex Takasugi – TD Profile
UNTD ST OIL FUND closed down -0.090 at 14.490. Volume was 38% below average (neutral) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume___
14.580 14.640 14.435 14.490 12,873,608
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 14.51 14.34 13.21
Volatility: 22 30 29
Volume: 13,869,923 20,889,116 19,206,140
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
UNTD ST OIL FUND is currently 9.7% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of USO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on USO and have had this outlook for the last 6 periods.