Oil prices are digesting, until they aren’t

My December 4, 2023 note wrote of my expectation that WTI Crude Oil price (then $75) would trade down to $70 within a 10 day period.

It soon did.

My long position at that $70 entry price remains light and participatory.

While the strength of the downward trend wanes, it does remain intact, thus requiring respect.

The current price action in Oil is dependant on whether it makes ‘higher highs’ or ‘lower lows’.

January 15, 2024

by Rob Zdravevski

rob@karriasset.com.au