United States Oil (USO) Iran on Tuesday sharply criticized new U.S. sanctions
U.S. oil prices fell on Tuesday, posting a modest retreat after three consecutive session gains on the back of heightened tensions between the U.S. and Iran.
“Slowing global growth and tensions with Iran are having an impact on the oil markets as investors await the outcome of President [Donald] Trump’s meeting with [Chinese President] Xi on the side-lines of G-20 this week,” said Mihir Kapadia, chief executive officer of Sun Global Investments.
“Concerns remain over the slow progress in trade talks, as reports emerged that…Trump would be ‘comfortable with any outcome,’” he said. “A failure to reach an agreement with China will dampen market sentiment, and the geo-political premium may not hold counter weightage in such a scenario.”
August West Texas Intermediate crude CLQ19, +2.06% fell 7 cents, or 0.1%, to settle at $57.83 a barrel on the New York Mercantile Exchange. The contract wrapped up trading Monday at $57.90, the highest front-month contract finish since May 29, according to Dow Jones Market Data. Prices rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 12.73.
The projected lower bound is: 11.21.
The projected closing price is: 11.97.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 white candles.
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 95.4820. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 13 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 55.63. 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 buy 8 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 134.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 12 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 6 period(s) ago.
Rex Takasugi – TD Profile
UNTD ST OIL FUND closed down -0.010 at 12.000. Volume was 3% below average (neutral) and Bollinger Bands were 23% wider than normal.
Open High Low Close Volume___
12.035 12.110 11.940 12.000 23,169,728
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 11.37 12.35 12.40
Volatility: 46 41 40
Volume: 32,545,086 26,832,504 26,755,746
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 3.3% below its 200-period moving average and is in an upward trend. Volatility is high 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 0 periods.