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TFC Commodity Trading Forum

July Crude/Breaking out *PIC*

July Crude is breaking up over its downtrendline. Price is extremely oversold. Note the RSI 21 crossing well below 30 which is rare and crossing back up over the 30 line again. Also note the CCI 20 showing a strong positive divergence on the last low. Price should rally at least to the falling 20ema at 89 if not resistance at 92. This breakout needs to "close" above the downtrendline in regular trading hours Monday to mean anything. Simply poking its head above it in night trading doesn't mean much.