RE:If you are considering BTE as a new investmentWTI/BTE are both, in the short term, trading based on technicals and I agree WTI is still bullish, even though it faded following the 30 min. shooting star pattern short term position trade post 9 am. Yesterday WtI stopped directly on the 200 dma and, following the rhetoric from the russian official, that was enough to shoot it through that ceiling to high $34/ba. It quickly retreated to a evening star pattern with a strong short trade signal which reversed to consolidation trending slightly upwards. It's now still above the 18 day eMA, 50 day MA and 200 day MA with no bar chart long or short signals. If WTI/BTE opens higher tmr then hang on for some more upside until the tide turns. With the rig count numbers out tmr and some US economic data points these news items will direct WTI/BTE pirce. Should be another rig drop which will be good for the short term upside.
The fundamentals are still net negative for oil. There is not enough blood in the streets to make any meaningful change in supply. Darwin has to act to weed out the weak. There's no doubt in my mind that WTI/BTE will reverse downward in the near term but later this year the trend will reverse.
Some interesting TA:
https://video.cnbc.com/gallery/?video=3000489549
and fundamental comments:
https://video.cnbc.com/gallery/?video=3000488690