WTIC Oil, daily
WTIC Oil, weekly
WTIC Oil, monthly2, rainbow
Summary
In the very near term, it does look like WTIC Oil will slip at least a few dollars lower. First target would be the 200 day MA @ $91.85. That could easily fail though, and open up the $90 level.
All things considered, it will be difficult for WTIC to break much below 89/88, not least if the main equity market holds above the key December low of sp'1398.
Bigger charts..bullish.
The fact we now have the monthly rainbow charts sporting a bullish green candle should not be too surprising, since we had both the Nov/Dec candles- blue, giving a provisional warning of a turn back to the upside.
The big psychological level of $100 will obviously be massive resistance. A weekly/monthly close >$100 would be very bullish into the spring/summer.
As always, the Oil price will be subject to changes in the US Dollar, and with annual QE of 1 trillion, there is obviously some inflationary upward pressure to ALL asset classes.
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*I am short the sp' from 1457, seeking an initial exit around 1445/40.
Goodnight from London