WTIC oil daily chart shows the negative divergence now occurring in the yellow circle. Indicators are very weak, there is no oomph behind this price move. The move from the mid 80's to the mid 100's, represents a 25% or more premium put into WTIC oil as a result of turmoil in Egypt, Bahrain, Libya and Japan. Chart shows that this premium is petering out. ADX shows strong upward price trend as the turmoil increased late February into early March but the latest move up does not share this strong trend.
Perhaps a buck or so upside but the negative divergence should send it easily back to 100-102 in the near term, then the 94-96 area appears a much more reasonable valuation. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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