Is oil overbought?
The oil market finally broke and clear $88 price handle and has settle in the 93 handles last week before given back some in the overnight trading session. As this point, oil looks to be on an overextended bull run and could go either way. Because of the potential breakout of war between Russia and Ukraine, oil will be a highly sensitive asset and could experience sharp moves on a headline and so any intraday levels could be wipe out quickly. With that being said, do keep an eye on intraday levels at 90.80 to the downside and 93 to the upside and trade with vigilant.
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