Oil’s EMAs Start Showing Angle And Separation
The below is the daily chart of the UKOil. Further to our previous article, we note that the EMAs are starting to develop angle and separation as upside momentum builds. Moreover the RSI(9) is starting to pull away from the 50 level, a further indication of bullish momentum. This, after Saudi Arabia said it would cut both crude exports and production further. US sanctions on Venezuela and Iran have also curbed supply. Economic growth still remains tepid and the Internationals Energy Agency maintains that there is an excess supply of oil, which may limit upside gains.
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