The white solders fighting out for Crude Oil – RSI Edge Analysis
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The Oil registered a fresh 52 week high close on 11th April 2018. The three white solider candle formations further displays the trend strength.
A weekly close above 4305 will be indication of strength and oil is expected to carry on its move to north without much distractions. Corrections (if any) takes place here must he healthy if Oil sustains above 4100 levels. The daily momentum is shrugging wihich is expected to pick up once a close above 4305 (weekly) will be registered.
The inverse head and shoulder (some may term this as cup and handle) breakout is still valid and the targets of 5790 is still intact on the MONTHLY charts.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA