Chart Of The Day: Is A Bottom At Hand For Oil?
Gary Savage | Aug 09, 2016 12:12AM ET
When the bears become extremely vocal about the price of Oil moving lower, that is almost always a sign that a bottom is at hand. Retail traders become the most confident in direction when price is stretched the farthest from the mean.
The opposite strategy works much better. Look how far below the 50 DMA price stretched. That wasn’t the time to be bearish. It was the time to look for a bottom.
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