Bears continue to weigh on the West Texas Intermediate (WTI) support since its retreat from October 2014 highs

January 25, 2022 - 4 months ago
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West Texas Intermediate (WTI), the benchmark for New York-traded crude oil, remains mixed Tuesday as geopolitical tensions in Eastern Europe and the Middle East keep market participants on edge.

In a sign that geopolitical tensions are heating up, NATO announced it was putting forces on standby to prepare for a potential Russian invasion of Ukraine.

On Sunday, the State Department instructed the families of U.S. diplomats in Ukraine to leave the country, while the White House is considering sending several thousand troops to Europe.

British Deputy Prime Minister Dominic Raab warned that Russia would face severe economic sanctions if it installed a puppet regime in Ukraine.

Based on the technical aspect, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator is negative, while the Moving Average Convergence Divergence (MACD) is positive, although it has weakened.

Due to the choppy price action, a neutral outlook holds.

However, the parameters are seen wide at $81.00 to $88.00-$90.00, which have been respected.

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