The price of oil : 5 bullish signals!
It is soon the holiday season, I will be very brief. Here are the five bullish signals of oil barrel WTI (technical analysis):
N ° 1: The price of oil is above its MM50 (short term).
N ° 2: The price of oil is above its MM200 (long term).
N ° 3: A golden cross: passage from the moving average to 50 days (MM50) above the moving average to 200 days (MM200).
N ° 4: An inverted shoulder head (you have to pass the neck line to validate the figure).
N ° 5: increase in volumes.
Downward there are three supports: No. 1 neckline in the $ 50 area, No. 2 the MM50 and No. 3 the MM200. If the three supports drop we would probably go from a rise period to a horizontal stagnation.
If we go back to 1998, the last major trough, it gives the impression that we are close to a trough that occurs every 8/10 years.
Dr Thomas Chaize