oil

To follow up with another look at oil from yesterday here we have a weekly chart which shows a triangle formation that can often lead to a bottom pattern. The RSI remains quite strong here and has been moving up while oil remains sideways to down, thus a divergence. The RSI indicator has formed what appears to be it’s own cup/handle formation and if it remains strong the price of oil should rise off these levels. No bottom is a guarantee, but I am liking oil’s chances at forming one here.

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2 Responses to “Oil Weekly View”

  1. George Parkanyi Says:

    Hi Jeff,

    Came over for a look from Jeff Watson's site.

    I hope you're right. I've got a boat-load of it now. I think we may see the US dollar pull back hard, and though there is a lot of oil around, it, and other commodities may be bought as stores of value. Gold for sure I think is going to continue to do well. It seems to like both the inflation AND deflation story.

    Cheers,
    George (a.k.a Allocator)

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