Monday, June 25, 2012

Crude Oil short term analysis

- Here's an updated daily chart of Crude Oil, the Aug/Oct 2011 bottom is closing it and positive divergence is forming via the two RSI indicators at the top of the chart as well as the MACD.  Bottoming is a process, I think crude oil is in the beginnings of a bottoming process.  Otherwise in the short term the 13 EMA is resistance (green MA)

- The second chart is the ETF USO, the same analysis basically applies.

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