1. Crude still looks like it is in it's bullish range which we expect will continue for the near to medium future.
2. The fundamentals are still bullish with the increased regional political risk and the tepid response in the shale sector.
3. But the leading indicators of the RSI14 and the Stoch RSI strongly indicate a potential short term pullback to 59 within the current bull range or possibly even to 58 if crude goes back to the original bull range set in Sep - Oct.
I see a potential retrace but still believe the fundamentals support a long position until the SA IPO happens.
2. The fundamentals are still bullish with the increased regional political risk and the tepid response in the shale sector.
3. But the leading indicators of the RSI14 and the Stoch RSI strongly indicate a potential short term pullback to 59 within the current bull range or possibly even to 58 if crude goes back to the original bull range set in Sep - Oct.
I see a potential retrace but still believe the fundamentals support a long position until the SA IPO happens.