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Oil rises above cloud; bias turns positive

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US crude oil futures rallied above the Ichimoku cloud last week, rising above it as well as the 50-day moving average for the first time since November 2015. Prices currently stand above 36 – the highest since January 5. The momentum indicators are all positive with RSI moving towards 70 and the MACD turning positive also for the first time since November. This is an indication that there is scope for further gains. Further bullish signals are provided by the positively aligned tenkan-sen and

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