Just how high above $100 will oil go?

Market Pulse for June 17


On the daily chart below, you can see ADX at 23.6 and rising, reflecting strength developing to what is still a weak trend. We see Stochastics now in deep overbought territory, which does have this trader a bit concerned, and MACD is bullish with increasing divergence from above the signal line. I will be watching DI Differential very closely now.

Click to enlarge.

On the weekly chart we see ADX at 23.7 and rising telling me the weak trend is starting to show signs of strengthening. Weekly Stochastics are in deep overbought territory like on the daily chart. On the weekly chart you can see the price action has not closed below the 20-period EMA (94.35).

Have a prosperous trading week.

To read my market views daily you can follow me on Twitter at http://twitter.com/TrendsinFutures

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