Crude Oil Tests Uptrend Line
Crude oil has been moving higher since last February and is now testing its uptrend line. The seasonal this time of year for crude oil is bearish which means there is a good chance that oil will break its uptrend as we close out the year. December is the most bearish month of the year for crude oil and you can see a seasonal chart which shows this weakness by clicking here.
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6 comments:
If I am not mistaken the chart for USO is linear right? How come you choose a linear chart over a logaritmic?
Thanks for a great blog
You're right, I should have used a log chart which means the trendline has already been broken.
what is the advantage of log vs linear? kevin can you post the log and explain the difference?
Thanks and you were right USO is below that trendline.
I am long energy for a fast trade, however there is no arguing the fact that we are going down .
Kevin, what do you see with UNG right now? It has turned upward and starting to show some signs of life. I recall you got into GAZ a week or two ago but am not sure if you vacated that position or not. It didn't look so good during the week or so after your entry. Both charts look similar; both are bumping the upper BB and both have what I take to be a better looking RSI and MACD. Your thoughts?
I may buy the next dip in UNG.
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