Oil’s EMAs Start Showing Angle And Separation

Russell Shor, CFTe, MFTA FXCM

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.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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