The rally of the oil price is moving oil related shares. We selected Royal Dutch Shell Plc (ticker NYSE: RDS/A). On the daily renko chart we see that the CCI crossed the minus 100 mark some time ago, but it’s only now that the SAR switched under the price.
A rather small resistance level of 51.75 USD was broken and the next goal is the former top of 58.50 USD. A stop is handed out by the SAR at 42.50 USD.
Why do we follow this Dutch/English combination in dollars? Because our trading account is in that currency. Of course we realize that there is some currency risk.
As mentioned earlier: we prefer to deal on basis of a one hour renko chart. Not on a daily basis.
A rather small resistance level of 51.75 USD was broken and the next goal is the former top of 58.50 USD. A stop is handed out by the SAR at 42.50 USD.
Why do we follow this Dutch/English combination in dollars? Because our trading account is in that currency. Of course we realize that there is some currency risk.
As mentioned earlier: we prefer to deal on basis of a one hour renko chart. Not on a daily basis.
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