I have based the view I have on the daily price actions, taking into account: OHLC (open, high, low, close) & other indicators via Commsec Charting Tools. On the indicators I am using, the RSI is at this stage of rising above the 20 oversold indicator. It looks as if you are tracking a more closer knit price action to give you an RSI of 67. I agree with your considerations on the WTI price & shorts/longs. I have taken into account the importance of the WTI oil price to close above key resistance of $54.55/55.41. While the chart below used by Daily FX indicates that it is not there yet, the pattern between $51-54 is interesting. The number of pressures on how WTI progresses from here will require tracking. With the SEA price having been so beaten down, it did make it interesting to enter in (dependent on the activation of a stop-loss to manage the risk).
