Tom demark indicator signaling the downtrend exhausted
The Tom deMark Trend indicator finished what is called a TD buy set up. That is to say the oil price experienced 9 consecutive days where the close was closer then the close 4 bars earlier. It probably means that the downtrend exhausted. Combined with the news that Saudia Arabia signals some sensativity with regard to limiting the supply of crude oil. I believe that we can experience a short_lived upward momentum taking us perhaps to around 47 dollar per barrel (Brent)
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