Post by
BayStreetWolfTO on Feb 08, 2022 3:15pm
Cobalt, RSI WTI vs Stocks
Maybe you can clarify
He was talking the RSI for WTI....I think we deal with multiple factors. Of course you have charting for BTE but you can't look at that in a bubble I imagine....this is why he looks at WTI RSI as he feels this drives O&G stocks NOT the individual RSI of a stock...but again I'm not a chart guy
The WTI RSI slant is interesting though....
WTI RSI
Friday Feb 4th 2pm > 83
Now RSI <40
Would be good to get you to confirm his numbers on WTI RSI
Comment by
Cobalt on Feb 08, 2022 3:41pm
WTI daily showing 65.5 RSI topped out this run at 77.5 ish last pull back Jan 24 got bought at a 63 RSI. The 3 hour chart got down to <40 looks like he got his number from a 3 hour chart , day trading
Comment by
deepblue on Feb 08, 2022 3:54pm
My post was referring to BTE rsi not Wti.
Comment by
BayStreetWolfTO on Feb 08, 2022 3:57pm
I think he is probably a WTI day trader. Always has fancy charts. While I'm not a chart person it is always interesting to listen to him. He said WTI was toppy at $92 last week and saw a correction below $90 this week before the next leg up. I assumed stocks would follow the moves...I guess he was right. Not that I would trade it anyways.
Comment by
Cobalt on Feb 08, 2022 4:08pm
Super easy draw a line connecting the tops March , july , Oct , and Friday , 4th time that upper rail turned us back , that is why i brought it up Friday i think , not that one indicator tells all the more you have the better the odds to call it
Comment by
BayStreetWolfTO on Feb 08, 2022 4:01pm
Cobalt, my assumption is the algos would watch this RSI know it was toppy and start shorting? Just curious your thoughts on that. I assume we see the short position of BTE climb on the next report Feb 15th before Q4/YE resutls? Just curious.
Comment by
Cobalt on Feb 08, 2022 4:15pm
JP Morgan now say 90% of all trading is algos and yes they add in all the TA , news , etc so is TA self fulfilling now i would say so