Well,
It's be a couple of weeks from the market bottom. A buy signal should be showing up on these charts. I want to caution about how things may fall apart after Options Expiration on Friday. But so far, things look solid.
We have moved well outside our oversold zone. This is currently above 50% so that is bullish.
Notice how when the MACD has a deep swoon, that is a great place to look for buys.
Lets zoom in on the recent months here.
Oil hardly pulled back even when the overall commodities were pulling back. The $USD reversed intraday and oil took off and soared higher. Gold moved up but was still down on the day. Seeing this strength in oil, points to some solid places to invest.
Trilogy, Tourmaline, Cenovus, Open Range, are all looking strong.
Click on the pictures for a current chart you can work with that is also larger. If you are in The Canadian Technician blog site, you can click on subscribe to get this message posted to your inbox, or use the RSS feed. You can also find it on stockcharts.com Facebook page. You need to be right inside the blog section, within The Canadian Technician Blog to see the subscribe button far right. Click below to go to the correct page.
Good Trading,
Greg Schnell, CMT
