Crude Oil Bulls Gain Technical Momentum, Need to Show More Power

See on the daily bar chart for December Nymex crude oil futures that prices have rebounded from the recent low and the bulls have gained some momentum. See at the bottom of the chart that the Moving Average Convergenc Divergence (MACD) indicator has recently produced a bullish line crossover signal, whereby the thick blue MACD line crossed above the thin red “trigger” line. The crude oil bulls need to push prices above stiff resistance at the October high to gain good technical power to suggest a price uptrend can be sustained. By the way, I have some educational tools that can help you out. Click here to find out more about my unique educational products.–Jim

Also, check out my reviews of a couple of market analysis software programs that I think are useful for traders. They were developed by markets analysis software pioneer Lou Mendelsohn.

Click below.

Jim Wyckoff’s review of VantagePoint

Jim Wyckoff’s review of TradeShark

Stay tuned! Jim Wyckoff jim@jimwyckoff.com

(Analytical chart above is derived from FutureSource’s WorkStation)

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