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Asset Watch
Thrusday, January 19, 2023
If so, the recent price action implies that ‘the trend is your friend,’ and be mindful of false breakouts. The blue line on the chart shows how the 20-day moving average primarily acted as resistance from late June until October. Furthermore, it also ended the rally in early December.
Additionally, four false breakouts above the 20-day MA have materialised since June, with each iteration culminating with another breakdown. Now that a fifth breakout is present, the same playbook applies: if the crude oil price can hold above the 20-day MA, the technical implications help confirm Currie’s bullish fundamental thesis. If not, the downtrend remains, and caution is warranted.
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