Market: $BNO_F, $CL_F
With tensions between Syria and Turkey on the rise, oil prices have followed suit. Oil saw a jump in prices to just under $114 a barrel today after Turkish President Abdullah Gul stated the “worst-case scenarios” between the two countries are coming to fruition. Today’s NinjaTrader Chart, fueled by the Free End of Day Kinetick Data Feed, is a Daily Brent Oil Futures ($BNO_F) candlestick chart, overlaid by a Weekly Brent Oil Futures Box style chart. While Brent Futures prices are likely in the grass root stages of a short-term bullish trend, looking at a broader picture using the regression channel indicator illustrates a bearish trend since the year’s outset. Utilizing the MACD indicator, once can utilize convergence and divergence methodologies to determine short and long-term trends as well as key entry and exit points indicated by crossovers between the two moving averages. As I write this, we also see a spike in oil prices on the $CL_F Light Sweet Crude Oil Futures with prices reaching above $91.50 per barrel.
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