Once the news of Russia's retreat from Ukraine (likely fake) hits, oil and gas prices will spike down so far and so fast your ears will pop. Meanwhile, WTI has more recently dipped below the 80% retracement of the 2021-2022 major move at $70 and borders the middle level of the Biden administration’s $67-$72 range. Price action appears to be respecting this level but that is not to say prices can’t head toward $66 in the interim.
The RSI has yet to enter oversold conditions, suggesting that further downside remains a possibility despite the artificial floor set by the SPR. Support comes in at $72, $67 and $62 (full Fib retracement). Resistance remains at $77, followed by $88.40.
The RSI has yet to enter oversold conditions, suggesting that further downside remains a possibility despite the artificial floor set by the SPR. Support comes in at $72, $67 and $62 (full Fib retracement). Resistance remains at $77, followed by $88.40.
Comment:
Wti climbed, probably Biden secretly bought some of the SPR back, but could not pass the golden pocket. Likely go back to 70 then rinse and repeat.