To trade oil price, buying the United States Oil Fund (USO) is one of the possibilities. It tracks what the oil price does. As you can see on the daily chart below, the move of Friday happened with a huge volume of transactions.
Sunday, January 30, 2011
Oil chart analysis
On Friday, oil price (West Texas Intermediate) printed a nice bullish engulfing candlestick, at the same time crossing the 50 day moving average to the upside. The Relative Strength Indicator (RSI) broke above the 50 level. This is strongly bullish about what will happen next.
To trade oil price, buying the United States Oil Fund (USO) is one of the possibilities. It tracks what the oil price does. As you can see on the daily chart below, the move of Friday happened with a huge volume of transactions.
To trade oil price, buying the United States Oil Fund (USO) is one of the possibilities. It tracks what the oil price does. As you can see on the daily chart below, the move of Friday happened with a huge volume of transactions.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment