Canadian energy stocks rose sharply this month amid rising oil and good prospects for oil and Canadian economy. This growth also contributed to reaching the 14-day RSI in an oversupply area of around 80. On the other hand, fears stemming from shale industry development in the United States have faded, further contributing to the growth of the sector.
Rising has provided a good opportunity for Sell as the price has reached a long-term downward diagonal, RSI (14) is in a surplus sales area that has not been reached since 2014 and, in detail, we have a Dodji bar formed on resistance levels . Today's sharp decline in oil
is in favor of the idea of short positions.
Jr Trader Petar Milanov
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