This article speaks about divergences and "key reversal days" in the oil markets.
Colin Cieszynski, market analyst at CMC Markets in Toronto, agrees that there’s a short-term reversal that could be very sharp in the near term. Wednesday and Thursday’s market action were, to him, “key reversal days” – a new high followed by a significant sell-off. On Wednesday, oil stocks had their key reversal day, hitting historic highs before falling sharply. Then on Thursday, the commodity price for crude oil did the same thing.
“This can suggest that we’re in for a period of consolidation and correction,” he said.
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