Thursday, March 19, 2015

Crude Oil: A Temporary Bottom?

Three days ago, WTIC broke its January low at USD43. Yesterday, it came back above that low. This is a support break that did not hold. If it accompanied by increased volume, this could be a reversal. Alas, the volume was actually smaller. Nonetheless it could be a temporary bottom; thus setting the stage for a technical rebound.


Chart: WTIC's daily chart as at Mar 18 2015  (Source: Stockcharts)

Based on the above, O&G stocks could stage a rebound after the recent sell-off.

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, O&G stocks. 
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1 comment:

  1. steveFriday, March 20, 2015 6:35:00 PM

    thanks for sharing. still doubt if it could go below US$40 before rebound.

    ReplyDelete