Unless you are bottom fishing or think this is the bottom in oil prices, there has been no buy signal here. At a minimum, price has to be above the day day moving average. The first hint of a buy signal came when price climbed back above $17.94. That is my CBL point not marked on the chart but is at a point dated at the high price of 1/22/15. Another point there is no structure to the current price rise. Still sideways and consolidating.
No buy signal on the weekly chart. There is a lot of work before that happens. I would April at the earliest.
The monthly needs even more work. If your a long term investor, price has to be above 10 period moving average an it’s not even close here. I’m in the same camp as everyone else, oil prices will rise again. No way they stay this low. Eventually, the Saudi’s will accomplish whatever their mission is and then they will start the game again in the other direction.
So steady pump prices for now.
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