UKOIL/USOIL ratio: Bearish in the long term
We have an interesting setup in the ratio between WTI and Brent.
In the past, whenever this ratio was declining, WTI prices rallied.
Now, we have a tight range, from where the ratio will break out very soon, and judging by the RgMov readings, (provided it takes a break, after hitting oversold readings in CCI) odds are that the ratio continues to decline on a breakout of the trendline below price.
Keep an eye on this ratio, it might flash a bullish confirmation signal for our crude oil long positions soon.
Cheers,
Ivan Labrie.
In the past, whenever this ratio was declining, WTI prices rallied.
Now, we have a tight range, from where the ratio will break out very soon, and judging by the RgMov readings, (provided it takes a break, after hitting oversold readings in CCI) odds are that the ratio continues to decline on a breakout of the trendline below price.
Keep an eye on this ratio, it might flash a bullish confirmation signal for our crude oil long positions soon.
Cheers,
Ivan Labrie.
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