Tuesday, August 20, 2013

Oil Is Consolidating Recent Gains

Oil is consolidating in a symmetrical triangle pattern between 104 and 108.  If I was to place any bets, I'd wager a move higher.  All the short-term trending indicators (shorter EMAs) are moving higher, there's still a positive volume inflow and the MACD is positioned to give a buy signal on a price upswing.

Also note the bullish tenor of the weekly chart: rising EMAs, capital inflow and rising MACD.