Wednesday, May 19, 2010

Crude Oil looks ready for a bounce

Here's a daily chart of Crude oil, it is quite oversold on the daily, also the Crude/SPX ratio has crossed up for buy signal. 

Also here's a 60 min chart of USO; bullish falling wedge with positive divergence, it appears that the 60 period stochastics crossing above 20% would be a good trigger for a Long

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