Get ready for a bounce in oil.
After falling 8% over the past three weeks, the price of West Texas Intermediate crude oil (WTIC) is oversold and may be ready for a short-term move higher...
Take a look at this daily chart of WTIC...
The price of oil broke down from a bearish rising-wedge pattern in late December. It has retraced the entire height of the wedge and is now resting on support at about $92 per barrel. This is a logical place to look for an oversold bounce.
Aggressive traders might consider buying oil here and betting on a move back up to resistance at about the $96 level. (more)
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