United States Oil (USO) prices pulled back from gains racked up in the previous session
Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles.
Brent crude futures had dropped 22 cents, or 0.28 percent, to $78.81 per barrel by 0042 GMT, chipping away at Tuesday’s 1.26 percent gain.
U.S. West Texas Intermediate (WTI) crude fell 0.20 percent, or 14 cents, to $69.71 a barrel.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 14.23.
The projected upper bound is: 15.34.
The projected lower bound is: 14.02.
The projected closing price is: 14.68.
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 21 white candles and 26 black candles for a net of 5 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 43.7191. This is not an overbought or oversold reading. The last signal was a sell 10 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 57.84. 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 54 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 73. This is not a topping or bottoming area. The last signal was a sell 3 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 0 period(s) ago.
Rex Takasugi – TD Profile
UNTD ST OIL FUND closed up 0.220 at 14.690. Volume was 100% below average (consolidating) and Bollinger Bands were 44% narrower than normal.
Open High Low Close Volume___
14.690 14.810 14.585 14.690 1
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 14.48 14.28 13.34
Volatility: 25 29 29
Volume: 13,237,061 18,936,336 19,186,944
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 10.1% 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 15 periods.