OIL BREAKOUT BULLISH - DIVERGENCE CONTINUES
Hi all,
A few things I've noted here. Over the last few weeks we have seen a bullish divergence form on both RSI and MACD. This is supported by price action where a resistance has formed around $88. I've also noted that there is a bearish resistance that needs to be broken to form the next bull run for oil. We could see a potential breakout if the momentum continues to form HHHL. A break below $88 and new lows on RSI and MACD would be bearish.
Always keen to hear other people's views if they have counter opinions :)
Cheers,
Sandy
A few things I've noted here. Over the last few weeks we have seen a bullish divergence form on both RSI and MACD. This is supported by price action where a resistance has formed around $88. I've also noted that there is a bearish resistance that needs to be broken to form the next bull run for oil. We could see a potential breakout if the momentum continues to form HHHL. A break below $88 and new lows on RSI and MACD would be bearish.
Always keen to hear other people's views if they have counter opinions :)
Cheers,
Sandy