Thursday, February 21, 2019

CL to fall and retest mid 55s in short-term

I was short April CL after the EIA number for a ride down to new lows on the day.  XOP lost a lot of upside momentum today as the daily RSI(7) fell by almost 16 points compared to yesterday's reading of 67.8930.  The last 2 times it has registered day-over-day losses of this magnitude in this regime since the December bottom, WTI has seen tradeable short-term weakness 1-2 trading days later and I expect no different this time.

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