Still a Box Moving
Concerning the transaction volume was too small losing momentum, we expected a triangle development or a box range trading last week, and it was a box movement last week between 46.12 to 50.72. Transaction somewhat coming back to normal. For the past three days the transaction volume is greater than MAV5 > MAV10. But transaction volume is still less than 20 day average. Friday price close a red cross indicating a rest, want to consider next step movement. And the closing price lower than 300 MA (Close), but a little bit higher than 300 MA(Low). The 3rd time price knock 300 MA door. Will next week breakdown this key price? Let's keeping watch.
Bullish signal:
1. Major economic indicator show positive signs.
2. Crude Oil Inventory decrease.
3. Major stock index climbing high (S&P500- SPX, Dow-Jones Industrial Index(DOWI), UK100...)
4. Major petroleum company's stock price going up, (such as Exxom(XOM), Royal Dotch Shell(RDSA), BP...)
5. Physical demand is still strong.
Bearish signal:
1. No agreement to cut production between major oil export countries
2. After 5th month price going up, now it seems want to take a rest.
3. 5 day moving average lower than 10 days, 20 days and 50 days moving average. Even 20 MA M < 50 MA.
4. Transaction Volume decrease (Weekly slight up, but just half of past five week. )
Bullish signal:
1. Major economic indicator show positive signs.
2. Crude Oil Inventory decrease.
3. Major stock index climbing high (S&P500- SPX, Dow-Jones Industrial Index(DOWI), UK100...)
4. Major petroleum company's stock price going up, (such as Exxom(XOM), Royal Dotch Shell(RDSA), BP...)
5. Physical demand is still strong.
Bearish signal:
1. No agreement to cut production between major oil export countries
2. After 5th month price going up, now it seems want to take a rest.
3. 5 day moving average lower than 10 days, 20 days and 50 days moving average. Even 20 MA M < 50 MA.
4. Transaction Volume decrease (Weekly slight up, but just half of past five week. )
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