WTIC Oil Weekly and Daily Charts and Technical Analysis
Oil is very important since oil up means equities up and oil down means equities down. On the daily chart, each top and bottom correspond to the equities markets tops and bottoms only equities keep traveling higher over time, but oil, commodities, copper, semi's and other sectors are moving sideways into symmetrical triangle patterns. There is a doozy of a decision coming in the markets at any time, very likely now thru February.The weekly chart shows the sideways triangle forming for over two years. Price is now testing the blue triangle at the 50-week MA at 93.75 which adds to the intensity and importance of the current action. Tomorrow we see if oil receives a spank down from the upper trend line and 50-week MA, or not.
The daily chart shows a close up of the ongoing sideways triangle. Again, price is testing the top rail of the triangle. There is a red mini rising wedge vibe in place in concert with negative divergence in the indicators, except for the RSI which is eeking out a touch of the overbot area now, so price would be agreeable to receiving a spank down. The vertical side is about 25 bucks and illustrates the importance of the current market action. The move that oil makes out of the triangle will likely result in either 120-130 oil this year, or 60-70 oil this year. Tomorrow price decides if it wants to break out to the upside, or not. Projection is a pull back in oil with price dropping to stay inside the triangle for now. Weaker oil should contribute to overall market weakness.
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