WTIC & CRB: A pause in the recovery?!

WTIC broke below its medium-term uptrend line, SS at USD60 last Thursday. The MACD line is poised to cut below the MACD Signal line. If that were to happen, it would give a bearish signal. WTIC's immediate support is at the horizontal line USD54.00.


Chart 1: WTIC's daily chart as at May 8, 2015 (Powered by Stockcharts.com)

We were a bit early to cheer the recovery for CRB. It has dropped back below the horizontal line 230. However, it is able to stay above the medium-term uptrend line, SS at 227.


Chart 2: CRB's daily chart as at May 8, 2015 (Powered by Stockcharts.com)

Based on the tentative negative signal from WTIC, we can expect weakness for Oil & Gas stocks for the next few days.