Wednesday, June 6, 2018

A Little Pop for Summer?

WTI has admirably traced out a post Memorial Day swan dive, which used to be more of a feature in the bad ol days than it is now. In any case, it has come off sharply enough to begin looking oversold on a medium term basis.
1 Month
 click to enlarge
Note the RSI positive divergence.

Together with the Rbob reaching a 50% pullback, risk is to the upside for the next week or so.

6 Month
click to enlarge
BTW the Rbob 1 month / hourly bar chart also has positive divergence on the RSI.

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