United States Oil (USO) slipped pressured as weak US economic data dimmed crude’s demand outlook
Oil prices slipped on Tuesday, pressured as weak US economic data dimmed crude’s demand outlook, while reports of an output decline from the world’s largest oil producers in the third quarter kept prices from falling further. Brent crude futures lost 49 cents, or 0.8%, to $58.76 a barrel by 12:31 pm EDT (1631 GMT), while US West Texas Intermediate crude shed 67 cents, or 1.2%, to $53.40.
The daily slides followed a session in which both benchmarks posted their largest quarterly declines of the year. US manufacturing activity tumbled to a more than 10-year low in September as the US-China trade war weighed on exports, according to a survey from the Institute for Supply Management (ISM). “It was a very disappointing number overall and that’s why oil prices gave up their earlier gains,” said Phil Flynn, an analyst with Price Futures Group in Chicago.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 12.12.
The projected lower bound is: 10.24.
The projected closing price is: 11.18.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 25 white candles and 25 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 13.1932. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 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 39.85. 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 76 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 -118.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 4 period(s) ago.
Rex Takasugi – TD Profile
UNTD ST OIL FUND closed down -0.150 at 11.190. Volume was 12% below average (neutral) and Bollinger Bands were 12% narrower than normal.
Open High Low Close Volume___
11.390 11.430 11.070 11.190 26,520,850
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 11.84 11.64 11.79
Volatility: 21 51 42
Volume: 26,105,574 31,149,006 27,277,202
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 5.1% below its 200-period moving average and is in an downward 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 bearish on USO and have had this outlook for the last 0 periods.
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