Crude oil has recovered some lost ground over the past 3 weeks. From the daily chart, we can see that WTIC has broken above its intermediate downtrend line, RR at USD32 on Feb 22. It is testing the resistance at the horizontal line at USD34.50.
Chart 1: WTIC's daily chart as at Mar 2, 2016 (Source: Stockcharts.com)
From the weekly chart, we can see that WTIC has broken above its intermediate downtrend line, R3-R3. Nonetheless it is still in a long-term downtrend line, RR with resistance at USD40. This long-term downtrend line will probably be tested in the next 2-4 weeks' time. Will WTIC break above its long-term downtrend line? Who knows?! The third time's a charm...
Chart 2: WTIC's weekly chart as at Mar 2, 2016 (Source: Stockcharts.com)
As long as crude oil prices are in an upward trajectory, we will live with the hope of seeing prices of O&G stocks going higher. Thus, the next 2-3 weeks will probably be a good time to trade O&G stocks. Good luck!!
http://nexttrade.blogspot.my/2016/03/crude-oil-third-times-charm.html
