Crude Oil Approaches Key 90 Mark, but RSI Warrants Caution
Crude oil is showing multiple Bearish RSI divergences, but the fundamentals -- which take precedence (IMO) -- e.g., OPEC spare capacity, Ukraine, increasing demand, etc., appear increasingly bullish.
EIA inventories due out this week show an expected build of 962k barrels, according to Bloomberg. That would mark the third week of storage increases for WTI, but Cushing, Oklahoma, stocks have seen a corresponding reduction.
If prices continue to increase, the 90 psychological level may offer up some resistance.
EIA inventories due out this week show an expected build of 962k barrels, according to Bloomberg. That would mark the third week of storage increases for WTI, but Cushing, Oklahoma, stocks have seen a corresponding reduction.
If prices continue to increase, the 90 psychological level may offer up some resistance.