March 9th, 2021

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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.

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March 9th, 2021

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