Oil: negative medium movement;
Short ascending dvizhenie- correction downward trend likely to increase upper arm triangle around 57 dollars;
Formation: triangle – a trend confirming formation, break below 55.06 will give a signal for new negative pulse;
Resorts input: appropriate locations for new short about 57 dollars with a close stop, or after a break below $ 55;
Price is below moving averages 50, 100, 200 – which indicates that shorts in force, any adjustment to 50 periods can be used for short positions;
MACD – still below zero, negative signal
Sentiment is negative for oil.
After wild price swings in recent sessions, crude-oil futures took it slow in electronic trading early Friday, with both the New York and London benchmarks making relatively moderate gains.
Evans didn’t see much relief in sight for oil investors either, saying that U.S. refiners may slow their intake of crude oil in the near term, which could provide a cushion of sorts for gasoline and heating oil but would be negative for crude.
“Seasonally, we do see runs at or near a peak, with the next cycle of winter maintenance work likely to pull the crude-processing rate down … which may take some of the downward fundamental pressure off the products [such as gasoline and heating oil] but may also weaken crude oil,” Evans wrote in a note out Wednesday.