UK oil 2017: week 4
last week I mentioned that we reached a TD sequential count of 13 and that the money inflow indicator was reading low figures and that those elements initiated a buy with my program. Furthermore, last week, it was clear that the first couple of days were likely to trade down.
Well the price followed neatly these predictions. If it continues to do so we should go up from here. Stay vigilant at the yellow indicated trend line and remember; usually Mondays tend to sell off.
For this week I plotted below the dollar index. A stronger dollar should, if all other elements stay constant, translate in lower oil prices. However the last couple of weeks the dollar is actually getting slightly weaker, but oil price did not responded by going up (I think they even went slightly down) yet another small indication that we are probably not going to see a lot of up movement in the short term: It seems we are getting more and more sensitive to negative news.
A small prediction for week 4 then: Some selling on Monday then further up to the yellow line, again a day down, and then finally either end of the week or it will be delayed till next week.
Well the price followed neatly these predictions. If it continues to do so we should go up from here. Stay vigilant at the yellow indicated trend line and remember; usually Mondays tend to sell off.
For this week I plotted below the dollar index. A stronger dollar should, if all other elements stay constant, translate in lower oil prices. However the last couple of weeks the dollar is actually getting slightly weaker, but oil price did not responded by going up (I think they even went slightly down) yet another small indication that we are probably not going to see a lot of up movement in the short term: It seems we are getting more and more sensitive to negative news.
A small prediction for week 4 then: Some selling on Monday then further up to the yellow line, again a day down, and then finally either end of the week or it will be delayed till next week.
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