WTI - Bearish Divergence
WTI keeps setting higher highs, but the RSI on the longer timeframe is weakening.
OPEC doesn't want to sink the market, but between Saudi and UAE there are over 3 millions barrels a day offline, and OPEC is committed to continued supply increases.
Omicron is driving major disruptions to travel.
Biden has the gun loaded to cool off oil prices as well.
I'm looking to the next reversal to short.
I think the Omicron drop late last year was warranted by the fundamentals. I'm really not sure what's keeping the market up so high right now.
OPEC doesn't want to sink the market, but between Saudi and UAE there are over 3 millions barrels a day offline, and OPEC is committed to continued supply increases.
Omicron is driving major disruptions to travel.
Biden has the gun loaded to cool off oil prices as well.
I'm looking to the next reversal to short.
I think the Omicron drop late last year was warranted by the fundamentals. I'm really not sure what's keeping the market up so high right now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.