BAL 
$61.00  0.29%  
CANE 
$12.16  1.18%  
JO 
$54.00  1.22%  
NIB 
$36.29  1.65%  
IEF 
$91.57  0.81%  
^UGA-IV 
$72.66  0.85%  
UNG 
$14.18  4.80%  
USO 
$81.45  0.10%  
FXA 
$63.83  0.21%  
FXB 
$119.69  0.01%  
FXC 
$70.96  0.07%  
FXE 
$98.12  0.11%  
FXF 
$97.45  0.09%  
FXY 
$60.06  0.64%  
UUP 
$28.88  0.14%  
CORN 
$19.84  0.39%  
SOYB 
$24.77  0.56%  
WEAT 
$5.33  0.47%  
JJC 
$19.56  1.24%  
GLD 
$219.22  1.07%  

Crude Oil Price Fails to Show Signs of a Bottom

Crude Oil February Contract Price Chart

Crude Oil Price Fails to Show Signs of a Bottom

Crude oil Price continues to stay inside its downward channel and has yet to show signs of a price reversal. The current low we saw two weeks ago was not a strong reversal pattern. I see no real signs of support until we get closer to the 65-68 dollar level. If the market decides to push the price lower it will be important to keep an eye on how the Relative Strength Index reacts.

If prices make a new low but the RSI fails to also make a new low that would be considered a bullish divergence. So far the lows we have seen recently the RSI has also made a new low confirming that the price action is weak.

The physical market of crude oil has been a bit of a rebound for inventories of Crude Oil. Last week the EIA weekly status report showed an increase in Crude Oil inventories of 10 million barrels putting pressure on the price.

Crude Oil February Contract Price Chart
Crude Oil February Contract Price Chart
Weekly totals of US Crude Oil Inventories
Weekly totals of US Crude Oil Inventories

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