The left chart shows the daily heikin ashi (HA) candles for USOil. A trend-following indicator, it is blue and crossing into USOil's bullish area, between the upper blue and red bands. The hourly chart on the right has bullish signals. The EMAs have crossed positively, and the stochastic has turned up (black ellipses). If the EMAs develop angle and separation to the upside, and the stochastic moves toward the 80+ levels (blue arrow), there is an underlying bullish momentum. If the hourly reaches its upper quintile and holds in that region, upside pressure is likely to push the daily HA candles further into the USOil's bullish zone.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.