Selling the Jump in Crude Oil at Moving Averages
Skerdian Meta • 2 min read
WTI Oil H1 Chart – Will the 100 SMA Hold As Resistance?
The climb in the US crude Oil seems to have stopped at the 100 SMA
Smaller moving averages such as the 20 SMA (gray) turned into resistance on the H1 chart during most of last week, but today we saw a retrace higher. The 20 SMA and the 50 SMA (yellow) were broken, but the climb has stopped at the 100 SMA (green) which might have turned into resistance.
So we decided to open a sell signal after the positive revision in the US retail sales for March. The US Commerce Dept has issued benchmark revisions to retail sales and that’s led to a positive change to the March data.
US March Retail Sales Revised Higher
- March retail sales revised to -0.6% from -1.0%
- Retail sales -0.6% vs -1.0% initially
- Ex autos to -0.4% vs -0.8% initially
- Ex autos and gas -0.3% vs -0.3% initially
- Ex autos, gasoline, building materials and food service -0.3% vs -0.3% initially