Crude Oil Looks Ripe for a Nice Bounce on a Technical Basis
- The S&P 500 and the NDX 100 both broke above their 50-day moving averages. The “internals” were not particularly good yesterday, so we’d still like to see more upside follow-through to give us confirmation. However, this development is still bullish.
- WTI crude oil is testing a key support level. However, it has also reached the kind of oversold condition that has been followed by strong bounces in the past. Therefore, we believe this commodity (and its related stocks) look very enticing right here.
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