Crude Oil makes waves

By looking at the CCI and Stochastic RSI and combining them with cyclical up and down movements of the price, we might start to imagine the price falling back to about $100 a barrel. In order for this to happen, we would need to see a slight improvement in the geopolitical arena of Libya and Ukraine. Perhaps the market is building this oil tension into the price, and it could get a lot worse, but we saw a severe decline in oil stocks which really lifted the price. This decline may be due to seasonal higher demand and global economies generally recovering. In any case a sell stop at 103.80 might be an idea.