Click to Enlarge
The recent new rally highs in crude oil were not supported by the volume as the OBV failed to confirm the recent highs. While volume was not impressive on the upside, it has increased over the past few days as crude oil has declined. This is not a positive sign. A drop in the OBV below the December lows will confirm the divergence. The March crude contract has next support in the $75-$77 area with more important support at $72.
Subscribe to MoneyShow’s daily investment newsletter Top Pros' Top Picks and get actionable advice from our top experts, including the hottest stocks to buy and sell, ETFs and funds for short- and long-term capital appreciation, and a wide variety of dividend-paying stocks set to deliver a steady stream of safe, reliable income.
Get an edge on the markets with our weekly trading newsletter, Trading Insights, and receive timely trade ideas covering stocks, options, futures, and more to keep you on the right side of the action. From trading basics to advanced strategies and high-probability set-ups, the insights you need from our all-star lineup of trading pros is delivered straight to your inbox.
The stock market offers virtually any combination of long-term opportunities for growth and income, as well as short-term investments for trading gains. MoneyShow’s weekly Virtual Learning Letter showcases a variety of on-demand webcasts and video market commentary by top financial experts covering the hottest financial topics each week.
