Why?
TA:
-RSI Bearish Divergence seen clearly on daily
-MACD, Stoch(blue on PTS) Divergence too
-CCI going down, bearish
-ADX is showing lack of bull trend strength, bear trend rising
FA:
-EURO WILL GO TO PARITY, very strong dollar coming up in june, see EU related post
-Inventory data too negative, will now likely shoot up, Api should show from -5.2 to something less negative, making oil bearish
-US rate hike, GREXIT possibility, can make dollar strong
IF this bearish scenario fails, then oil will continue to stay in channel.
The only way oil breaks up above 62-63, is a weaker dollar than before.
OIL needs to break above 200EMA on daily, which is at 64$, for oil to become bullish.
Until that happens, oil stays bearish or in channel mode.
That is all.
Stay tuned for more!
TA:
-RSI Bearish Divergence seen clearly on daily
-MACD, Stoch(blue on PTS) Divergence too
-CCI going down, bearish
-ADX is showing lack of bull trend strength, bear trend rising
FA:
-EURO WILL GO TO PARITY, very strong dollar coming up in june, see EU related post
-Inventory data too negative, will now likely shoot up, Api should show from -5.2 to something less negative, making oil bearish
-US rate hike, GREXIT possibility, can make dollar strong
IF this bearish scenario fails, then oil will continue to stay in channel.
The only way oil breaks up above 62-63, is a weaker dollar than before.
OIL needs to break above 200EMA on daily, which is at 64$, for oil to become bullish.
Until that happens, oil stays bearish or in channel mode.
That is all.
Stay tuned for more!
