Oil 4hr chart 10-1-2019

1 окт. 2019 г.

Taking a look at the oil charts this a.m. We have been correcting ever since the attack happened on the Saudi facility. That really was to be expected as it was only a temporary spike in price due to the circumstances. We have pretty much corrected to where we were before the attack. I see a possible break out on the horizon. I have not looked at oil charts much in my time as a trader but this is how I see it playing out. I know that oil is more political than most investments so we will have to wait and see if this plays out like I think it will. RSI is low so that is a good sign for the bulls, not to mention the fact that we are reaching a point we have bounced off of in the past so I am watching the candles for some action today or tomorrow. Of course nothing is set in stone but keep an eye on oil if you are playing the market. Cheers