Daily Oil – Jan 28
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Chart 1 – Again not a lot of change technically for oil. The $100 level continues to be key and as you can see we are gravitating back towards it. Just lately the market keeps returning to it again and again.
Good Slow Stochastic signals for the short term trends as you can see although now the study is getting quite noisy so exercise some caution.
The MACD has crossed back to the downside.
Chart 2 – I’ve refreshed the Fibonacci Projection Study on this chart as you can see. The black dots indicate the projection points. See how we are currently bouncing off the 38.2 pct level and if the above indications are corrects we can use this to target 110 which is a level we’ve not seen since May last year.
Keep an eye on the 200-Day Moving Average after the dip below but the RMI came off it’s very overbought level. The RMI seldom stays above overbought or below oversold for long and is a good indicator.
