Due to the mortgage delinquencies, the US dollar has been going down since yesterday morning. This could influence the price of oil. Also, the government plans to reduce the output of oil to stimulate the oil price.
Although the fundamentals tell us that the price of oil could go up soon, we still see that there are negative signals.
The MACD lines just went through a dead cross. The RSI line is in an obvious downward trend.
We should give the price some time to react.
Although the fundamentals tell us that the price of oil could go up soon, we still see that there are negative signals.
The MACD lines just went through a dead cross. The RSI line is in an obvious downward trend.
We should give the price some time to react.