Pretty clear by now, Western Texas Intermediate (WTI) have been developing a megaphone-like consolidation since January, 2015.
The new lows made just a week ago is positively diverged, without having new lows on RSI which is a big buy signal.
Open: 46.61
S/L: 45.20
T/P: 54.11/ 58.77
Dollar analysis:
In my opinion, the Baker Hughes Rig count is nothing more than a distraction of what the market intends to do. I'm bullish in oil in the short term and long term. It does not matter if the rig count decline in speed/velocity or not, the market will always have their excuse of why its going up after; when technicals have long confirmed that.
The new lows made just a week ago is positively diverged, without having new lows on RSI which is a big buy signal.
Open: 46.61
S/L: 45.20
T/P: 54.11/ 58.77
Dollar analysis:
In my opinion, the Baker Hughes Rig count is nothing more than a distraction of what the market intends to do. I'm bullish in oil in the short term and long term. It does not matter if the rig count decline in speed/velocity or not, the market will always have their excuse of why its going up after; when technicals have long confirmed that.
