$WTI Light crude oil short term overbought?
Short term we are at the upper end of the the resistance trendline and at the same place where RSI-14 peaked at approximately the 77 reading on the previous two swing highs. From a time cycle perspective of the previous peaks, we have had approximately 70-80 bears between each peak -with the current peak 73 days from the last.
No guarantee this plays out again but if history repeats and rhymes then watch for a short term pullback in the oil price from these levels.
No guarantee this plays out again but if history repeats and rhymes then watch for a short term pullback in the oil price from these levels.
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