United States Oil (USO) lowest in nearly two weeks
The U.S. oil benchmark fell on Wednesday to settle at its lowest in nearly two weeks. Some traders played down the likely impact of Hurricane Michael on oil and natural-gas production in the Gulf of Mexico region.
Oil prices may have also been dragged down as a risk-off sentiment fueled sharp losses in the stock market. November West Texas Intermediate oil CLX8, -1.42% fell by $1.79, or 2.4%, to settle at $73.17 a barrel on the New York Mercantile Exchange.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 14.79.
The projected upper bound is: 16.03.
The projected lower bound is: 14.78.
The projected closing price is: 15.40.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 20 white candles and 26 black candles for a net of 6 black 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 21.6346. This is not an overbought or oversold reading. The last signal was a sell 4 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 53.94. 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 4 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 -6. This is not a topping or bottoming area. The last signal was a sell 4 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 sell 0 period(s) ago.
Rex Takasugi – TD Profile
UNTD ST OIL FUND closed down -0.440 at 15.380. Volume was 9% below average (neutral) and Bollinger Bands were 23% wider than normal.
Open High Low Close Volume___
15.770 15.770 15.370 15.380 18,077,900
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.70 14.65 13.66
Volatility: 31 27 29
Volume: 21,234,970 18,195,734 19,890,086
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 12.6% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect moderate flows of volume into USO (mildly bullish). Our trend forecasting oscillators are currently bullish on USO and have had this outlook for the last 31 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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