A rather interesting picture is set to unveil on the US Oil 1D chart.
At present the chart is developing some early signs of reversal projecting the US Oil to scale up to a minimum price of $95 in the coming quarter. The technical signs indicate that though the prices are currently forming a Lower High structure (encircled on the chart), level 47 on the RSI being the key Area of Interest has already been achieved and is forming an open-ended double top.
To break this down in simpler terms, wherein the price is forming lower highs, the RSI has managed to outlaw the price chart and form same highs.
This indicates that the strength in the recent buying from the lower levels has been significantly higher and has a high probability to not only sustain but to reverse the tide of the crude oil market.
Best,
Himalay Bhatia
