As I am hoping you all know, in futures there is a buy-side of all up-trending markets and there is also a sell-side as prices climbs. So as prices rise, who is selling? You may be surprised by the answer.
Last week February 2013 Crude Oil opened at $86.67 a barrel and closed the week at $87.25. On the daily chart you can clearly see this market is in a weak or no trend with ADX at 14. MACD is riding the signal line with no divergence, and with today’s price action we see Stochastics correcting from oversold territory. Range $86-$90. Today we see the price action continuing the correction up from $86.
On the weekly chart we also see a week trend with ADX at 19 and Stochastics are in oversold territory.
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