WTI crude oil prices moved higher on Tuesday as a weaker dollar paved the way for higher prices. Prices briefly recaptured the 53 handle, but were unable
WTI crude oil prices moved higher on Tuesday as a weaker dollar paved the way for higher prices. Prices briefly recaptured the 53 handle, but were unable to hold on to gains throughout the trading session. Prices tumbled just before the close through support which is now seen as resistance near the 10-day moving average at 52.63. Support is seen near the January lows at 50.72.
Momentum is neutral as the MACD (moving average convergence divergence) index prints in the red with a flat trajectory which reflects consolidation. The RSI (relative strength index) is printing a reading of 51, which is in the middle of the neutral range and reflects consolidation.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
