Waiting for my proven indicator to signal buy for oil

Oil held above $134 a barrel on Thursday, steadying after a drop of more than $2 the previous session after U.S. government data showed a surprise increase in domestic crude stocks last week.

U.S. light crude for August delivery fell 5 cents to $134.50 a barrel by 8:51 EDT. It settled down $2.45 at $134.55 a barrel on Wednesday.

London Brent crude fell 15 cents to $134.18.

The surprise rise in U.S. crude stocks has pointed to a weakening demand outlook in the U.S.

When oil price is trading at $137, my proven indicator has signaled sell. With oil price falling $3 to $134, indicator has not shown buy signal yet.

Currently oil price is still trading in the range of $132 - $139.


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If you are interested to trade oil, you can buy oil when it goes nearer to $132 OR you can wait for my indicator to signal buy.

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