To follow up with another look at oil from yesterday here we have a weekly chart which shows a triangle formation that can often lead to a bottom pattern. The RSI remains quite strong here and has been moving up while oil remains sideways to down, thus a divergence. The RSI indicator has formed what appears to be it’s own cup/handle formation and if it remains strong the price of oil should rise off these levels. No bottom is a guarantee, but I am liking oil’s chances at forming one here.

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