Light Crude Oil: The Lady Or The Tiger? Bullish Or Bearish?
MaryJane posed an interesting question. Is this a bearish wedge?
Is is bullish or bearish? Is it the "Lady or the Tiger?"
As I view the chart the indicators are 50-50. You can make a case for the bull side. You can make a case for the bear side.
My opinion is.....
1. The RSI/ Stochastic is over-bought;
2. The CHOP reading (under chart) is in the shaded area, indicating no trend at the moment;
3. MACD (middle top) is working its way to over-bought; but the tie-breaker is...
4. The last Fractal was a sell on September 6th at 8 PM CDT at 43.84.
Would I take a position now? No. I would wait for the failure in the bearish wedge at (or below) 45.64.
Good luck to you. Don.
Is is bullish or bearish? Is it the "Lady or the Tiger?"
As I view the chart the indicators are 50-50. You can make a case for the bull side. You can make a case for the bear side.
My opinion is.....
1. The RSI/ Stochastic is over-bought;
2. The CHOP reading (under chart) is in the shaded area, indicating no trend at the moment;
3. MACD (middle top) is working its way to over-bought; but the tie-breaker is...
4. The last Fractal was a sell on September 6th at 8 PM CDT at 43.84.
Would I take a position now? No. I would wait for the failure in the bearish wedge at (or below) 45.64.
Good luck to you. Don.