This last bullrun on oil
prices wasn't really supported by volume
and we can see that reflected on the OBV which increased only a fraction of what it fell when prices went from 34 top to 26 bottom. That is, volume
was way lower on this 15 USD rally than it was on a drop of only half that amount !
This fake out, is confirmed by the money flow
index, now coming back from oversold levels and breaking the wedge
. This indicator has been rarely oversold and last time it did, price was around 100.
I believe we will re test 0,23 and maybe 0,5 both of them at signifcant levels from past peaks.