US oil may be at value


The above is a daily chart of US Oil. The lower pane shows the RSI (14). For the displayed date range the RSI has generally been above the 50 level. Interestingly, when the RSI drops below 40 and then swings back above it, US oil tends to move up.  Given that the tendency over the date range has been to be above 50, oil may be relatively “cheap” at current levels. I.e. the 40 level might be the current oversold level.

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