Over the last year we've been forming an RSI divergence on oil, and we're seeing increasing volatility.
There are a lot of geo-political factors at play here. I think there's a risk premium on oil right now because of Russia.
.. increasing volatility means sharper moves. I'm watching for Russia / Ukraine to resolve, and depending on how it resolves, expecting a major price move one way or the other.
If there is no invasion, no major war in Europe, I'm anticipating a retest of to $70 or $66 level.
There are a lot of geo-political factors at play here. I think there's a risk premium on oil right now because of Russia.
.. increasing volatility means sharper moves. I'm watching for Russia / Ukraine to resolve, and depending on how it resolves, expecting a major price move one way or the other.
If there is no invasion, no major war in Europe, I'm anticipating a retest of to $70 or $66 level.