Monday, February 20, 2017

Energy Review

The OPEC oil agreement has been holding oil tight.

Daily SMA formations are bullish

Watch for breakout long

The Intermediate view conflicting
- (Bull signal) Trend long is showing repeated tests into Resistance at $54
- (Bull signal) Reactions off $54 Resistance are becoming less pronounced
- Breakout above $54 would Target $55 and then the Price band level at $61
- (Bear signal) Examination shows a declining Trade Volume Index yet consolidating price

Ruling Reason:
1) Long is the dominate trend
2) Watch for breakout above $54 with $55 target
3) Watch for OPEC meeting in May
4) Watch the daily supply/demand bases for intraday targets