Oil has extended its decline, likely a spillover of risk-off sentiment from stocks. Based on the Elliott Wave, we are still in a reasonably bullish run. The price action of the past few days is a reasonable corrective retracement. As with the other asset classes, we expect it to range, before breaking higher.
The Kovach OBV is still fairly strong, though it is tapering downwards. However, the Chande is tapering up, indicating there could be some momentum building for a breakout.
The Kovach OBV is still fairly strong, though it is tapering downwards. However, the Chande is tapering up, indicating there could be some momentum building for a breakout.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.