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WTIC West Texas Intermediate daily light crude courtesy of StockCharts.Com.

Have to get past $83 first. Lol. https://t.co/XbRWitsQgT

— Tracey Ryniec (@TraceyRyniec) March 6, 2023

WTIC Technically Speaking 

If Tracey picked $83 on purpose, as I suspect, it's a great point of contention. There is strong resistance at $83. 

There is strong support at $70 and $72. Technically, we appear to be in a sideways channel. 

Assuming $83 is taken out on something other than a short head fake back into the channel, there is resistance at $90, $94, and $98, any of which could end a rally, assuming there is a rally.

WTIC Weekly Chart

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WTIC West Texas Intermediate weekly light crude courtesy of StockCharts.Com.

The weekly chart provides nothing technically other than more confusion.

Depending on how fat one wishes to make their crayon, the weekly pattern can be drawn as a symmetrical triangle, a descending triangle, or perhaps a descending wedge or channel, each with their own interpretation.

So yes, LOL technically.

By the way, TA does not "predict" anything. It's most useful function is to provide entry and exit points.

All Comes Down to China?

The article says "It all comes down to China."

Well, it doesn't. 

What about a recession in the US or EU? What about general global weakness? Some perceived progress in Ukraine? Action by OPEC?

My Call?

I don't have a strong opinion now other than on potential Fed and political fallout.

If oil heads strongly higher, the market and the Fed will price in still more interest rate hikes, and Elizabeth Warren and President Biden will scream about big oil profits.

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