|
Reuters OIL Technical Analysis – By Phil
Smith |
|
Daily Charts |
Weekly Charts |
|
|
|||
|
Near-term
(daily chart). Not much new on Tuesday with the market overall
still following the MACD signal higher and while this continues to indicate upside
in the intermediate term it looks to be coming towards a cross. Note how the high correlations are coming down
now, particularly against the dollar. It’s interesting that while we have penetrated
the third Fibonacci Fan line it does seem to be providing some broad support,
as is the 200-day Moving Average. Check out the third chart and you will see
what I mean. The Q1 high around $83 is overhead resistance but
the current signs are we won’t get there in this up cycle. Watch the MACD for
the signal for the end of the current intermediate cycle. See the glossary link above for an explanation of the studies used above. |
|||
|
|
Reuters Market Technicals By |
||
|
For more
information on Reuters services please click here By accessing this site you agree to the following terms: (a) the
information provided on this site is the proprietary information of the
Thomson Reuters Group or its third party providers; (b) the information is intended as
a general information only and is neither professional advice of whatever
nature (whether securities, investment, taxation, legal or other) nor a
substitute for obtaining professional advice; (c) this information is not an offer or solicitation for the
purchase or sale of any securities or financial instruments; (d) Thomson Reuters Group
expressly disclaims all warranties, expressed or implied, as to the accuracy,
completeness or timeliness of any information provided, or as to the fitness
of the information for any purpose or as to any action taken relying on the
information; (e) no part of such materials or
information may be copied, transmitted, republished, redistributed or
disseminated without the prior written consent of Thomson Reuters; and (f)
Thomson Reuters and the Kinesis logo are registered trademarks or trademarks
of the Thomson Reuters Group. The term “Thomson Reuters Group” means [full
legal entity name of Thomson Reuters (“Thomson Reuters”)] and its affiliates. The term “affiliate” means any entity that
from time to time, directly or indirectly controls, is controlled by, or is
under common control with Thomson Reuters, or that is a successor (including,
without limitation, by change of name, dissolution, merger, consolidation,
reorganization, sale or other disposition) to any such entity or its business
and assets, (ii) Thomson Reuters Corporation, Thomson Reuters PLC or any
entity or entities that from time to time is / are the parent company or
parent companies of any of the Thomson Reuters group of companies (each a
Thomson Reuters Parent Company) or (iii) the respective direct or indirect
subsidiaries of any Thomson Reuters Parent Company. An entity will be deemed to control another
entity if it has the power to direct or cause the direction of the management
or policies of such entity, whether through the ownership of voting
securities, by contract or otherwise. |
|||
