🛢️ Oil in a strong uptrend while everyone expects a recession — the market is telling us something.
WTI Crude at $83.04 (-0.19%) with strong uptrend confirmed across all timeframes. RSI 53.5 (neutral with room). MACD positive and rising. Price above ALL key moving averages (SMA5: $80.77, SMA20: $82.38, SMA50: $80.07). 3-month range: $68.55-$108.66.
📊 Technical Snapshot:
• Trend: Strong uptrend — price above all SMAs
• Support: $70.44 | Resistance: $98.26
• RSI: 53.5 — plenty of room before overbought
• Volume: Normal (0.85x)
📌 Why Watch This?
Oil defying recession expectations = supply constraints are real. OPEC+ discipline, geopolitical risk premium, and strategic reserve rebuilding all support prices. When everyone is positioned for one outcome and the opposite happens, the move is violent.
💬 Oil above $80 in a "recession" — supply shock or demand resilience? What's your crude thesis?
#Oil #Commodities #DYOR
⚠️ Disclaimer: This is not financial advice. Always do your own research. Past performance does not guarantee future results.
WTI Crude at $83.04 (-0.19%) with strong uptrend confirmed across all timeframes. RSI 53.5 (neutral with room). MACD positive and rising. Price above ALL key moving averages (SMA5: $80.77, SMA20: $82.38, SMA50: $80.07). 3-month range: $68.55-$108.66.
📊 Technical Snapshot:
• Trend: Strong uptrend — price above all SMAs
• Support: $70.44 | Resistance: $98.26
• RSI: 53.5 — plenty of room before overbought
• Volume: Normal (0.85x)
📌 Why Watch This?
Oil defying recession expectations = supply constraints are real. OPEC+ discipline, geopolitical risk premium, and strategic reserve rebuilding all support prices. When everyone is positioned for one outcome and the opposite happens, the move is violent.
💬 Oil above $80 in a "recession" — supply shock or demand resilience? What's your crude thesis?
#Oil #Commodities #DYOR
⚠️ Disclaimer: This is not financial advice. Always do your own research. Past performance does not guarantee future results.