PUBLISHED BY INSTITUTIONAL ADVISORS
FRIDAY, AUGUST 22, 2008
Technical observations of RossClark@shaw.ca
Oil Leading Crude on the Upside
The week of August 8th produced the ninth bullish sequential setup (magenta bar) in the XOI Index since 1983. In all but one example the price made a higher weekly high on the week of the signal or within two weeks, thereby confirming an interim low. This week’s move above 1324 establishes the turn. It follows the bullish divergence basis of crude oil that we noted starting at the end of July.
Look for resistance starting at 1470 in the XOI. In the Canadian index, XEG, a daily RSI(14) reading into to the high 60’s to low 70’s should appear at the next interim high. Risk on trading positions should be managed at this week’s low.
The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities or options or futures contracts. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in securities such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk. Moreover, from time to time, members of the Institutional Advisors team may be long or short positions discussed in our publications.
BOB HOYE, INSTITUTIONAL ADVISORS
CHARTWORKS WEBSITE:: www.institutionaladvisors.com
|Home :: Archives :: Contact||
January 28th, 2020
© 2020 321energy.com