Weekly Report 23rd February 2015:
Last week the XJO posted a “3″ Candle where the body of the candle is above the Midrange of the week.
This is a bearish candle.
With Dividends coming out of the market in next few weeks this will show in Index
This Mid range value will now become intra week support.
The weekly chart of the XJO continues to show weakness with the (3) showing week before last week. With last week showing (1) also a reversal candle.
These indications of weakness will only be negated with a Weekly closing price over the high of the resistance level of 5946.
The Daily chart of West Texas Oil WTI is showing consolidation at the $50 level up from the lows of $44.
The down days are on noticably lower volume showing a lack of interest in selling lower.
Resistance at $52.70 needs to be broken, this is the key level before we see higher prices.