Post by
geezer21 on Oct 28, 2021 5:17pm
Technically
The relative strength indicator rose to 667.14 showing strong upward price momentum over the last three sessions to a new record high
The moving average convergence/divergence (MACD) confirms this as the fast expodental moving average has converged up to the slow expodential moving average. It will likely corss over tomorrow. Also, the share price over the last five sessions widened the gap over the 50 day moving average. Today's sesson closed with a spinning top indicating the bulls took control later in the day on strong volume as the price of oil rebounded up over $83.
With oil back up over $83 today and a very strong quarterly report, expect continuation of the upward price momentum tomorrow and over the coming days.
Comment by
Merc55 on Oct 28, 2021 6:27pm
Question, do technicals really matter that much with Oil stocks? They seem to move with the price of Oil and or now Divs and buybacks announced.