Looks like we have formed a shooting star on the daily chart which is a very bearish candlestick. Considering Positioning and the current RSI being nearly 80 on the daily, it is reasonable to believe that we will take a breather in the midst of this uptrend. I will be going short here at 63.50 with a stop above the recent highs at 65.04, I am looking for a 10% correction over the next two weeks or so.
Commento:
WTI is overly extended to the upside and now has an 81 RSI on the daily chart. I am moving my stop loss up to 66.00 and have added to my short position at 64.60.