Daily Continuation
Mon's WTI price activity was lead by heating oil, and then on Tue it was driven by increase in RBOB, both which triggered heavy short covering according to trader commentary. Wed however, prices traded sideways, putting in a bearish long shadow candlestick on a daily basis, implying bull activity ran out of momentum. Price move so far this week has knee-jerked the Percent R oscillator from oversold to overbought. Today's candle stick suggests a pause in rise at a minimum, and a reversal lower is certainly a risk.