Oil has been on the go since late June, running from the upper $60s to more than $90 per barrel of late. Investors who missed black gold’s climb might be wondering if they’ve missed the move and how high can oil’s price rise.
Let’s see what $WTIC (West Texas Crude Price chart has to say).
Some profit taking could be in store as WTIC’s relative strength index (RSI) has been in overbought territory for most of September. An RSI score above 70, no matter the investment, typically attracts sellers. An initial selloff to $86, and maybe to the rising 50-day average of $81.77, would not be surprising in the near future.
West Texas Crude could catch a bid at either and resume its march towards triple digits. Ninety-five to $100 might be the last technical checkpoint before oil potentially rushes towards its 2022 highs in the mid-$120s.
Rich Meyers