WTI Crude Oil reversed its price direction to close in positive territory. That’s the good news. The bad news is that its trend remains bearish and it will need to close above it 50-day moving average to garner any respect from energy commodity bears.
Unlike yesterday, equities continued to take their cues from oil, but price volume analysis indicated the market sprouting some green shoots of bullishness. Resistance @ 1950 will be an important test and if the market can clear it, then 2100 is the next level. Stocks will need to decouple from energy prices if this is to occur because the market direction for crude oil remains bearish. I am also bearish on equities as well.
No further comments this evening, but stay Hillbent for the Market Direction…
*Trends: ST = short-term; MT = Intermediate-term; LT = long-term
|Daily Chart Analysis|
Follow the Money
- Vol % = volume percentage greater than average volume
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