WTI Crude Daily Update for February 28, 2017

Crude oil prices continue to consolidate in a very tight range, attempting to break out but was rejected late in the session, and closed near its lows.   Traders await President Trumps speech to congress on Tuesday evening, before the commit to a direction. Prices of crude oil are capped by resistance near $55, and floored near support near the February lows at 52.50.  Short term support is seen near the 10-day moving average at 53.87.

Momentum is Neutral

Momentum is neutral as the MACD (moving average convergence divergence) index is printing near the zero-index level with a flat trajectory which reflects consolidation.  Additionally, the RSI (relative strength index) which is a momentum oscillator that measures accelerating and decelerating momentum, along with overbought and oversold levels, is flat which reflects neutral momentum. The current print on the RSI of 51, is in the middle of the neutral range and reflects consolidation.