CRUDEOIL & DOW Jones - is there a correlation? is there a doubt?
USOIL & CURRENCYCOM:US30 (DJI)For quite a few number of days / weeks USOIL has been having a positive correlation with other global markets such as US30. Thus movement of these markets will determine the movement of USOIL too to a certain extent.
Keeping a close eye on US30 has been greatly beneficial on few days as other markets for e.g. Nifty tend to correlate with it on those days. But as far as crude oil is concerned, the correlation has been great. Following US30 can help you decide future positions in CRUDEOIL, especially if you are short term trader.
On the hourly, USOIL has started to trade below the 200MA which is a bit bearish (see image below).
Also, CRUDEOIL has bounced from the swap zone but further retests of the level may break that zone and send it lower.
Don’t focus on making money, focus on protecting what you have. - Paul Tudor Jones
Daily RSI
USOIL - 60 ( Leaning Bullish )
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