RE:WTI - TA Brent has been stuck in a range for a month. Roughly a buck off the range high and two bucks off the range low. If it has another solid day like today, it just might break out to a new recent high. With Brent/WTI spread at six bucks, if Brent breaks, WTI might follow, despite the apparent short-term downtrend on WTI. This is not TA, I realize, but one can't deny the relationship so one might want to consider both Brent and WTI. Hard to say which benchmark is pulling/pushing which, but Brent being global, I'd think Brent has more pull than WTI. Plus, with all the exports, WTI is now likely to be tied to Brent much more than in the past, when US could not export their oil. Hopefuly we get a cold spell and the heating oil demand might give WTI a nudge to reverse the short term trend.
I much appreciate the TA that torotoro puts forth now regularly, thank you. My naive opinion is that TA is the best predictor of human behavior. Unlike say metals, though, which run on sentiment and largely predictable fundamentals, making TA invaluable there, TA can't account for unpredictable weather patterns, and with so much US oil consumption still going to heating oil, this would be one variable that may be underestimated.
JMHO