The Heikin Ashi Chart On Oil
One of the most simple charts that we love is the Heikin Ashi chart. The most basic chart is a bar chart. A bar chart simply shows the open high low and close each day.
An improvement to the bar chart is a candlestick chart. This chart turns the bar chart into a candle that is either red or white depending on whether the day was positive or negative.
Even better is the Heikin Ashi chart that can be found in a variety of places including Erlanger Chart Room. This chart takes the candlestick chart and turns it green or red using a forecasting technique.
As one can see it has done a good job of forecasting the movement of the price of oil via USO. Currently, it appears to be turning up. We will learn more at 10:30 a.m. when the weekly oil & gas numbers are released.
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