T2108 closed slightly down at 62.8% and is now on an 11th day levitating above 60% without hitting overbought levels.

This week’s pattern of evening stars matter a lot more because at the same time T2108 closed down ominously just short of overbought (70% or higher) – a little similar to what happened in September.

T2108 closed down at 59.7%. Given it has stalled right where it topped out in early September, I have to sit up straight and stay on alert again.

Every time oil drops these days, I notice hand-wringing about whether the fall indicates a recession is somewhere close on the horizon. There is an intuitive appeal to this assumption.

Focus on the upcoming quarterly demand for WTI Crude and watch these ETFs.

There can be no reassurance in prices just because they have yet to reach some rock-bottom, panic level. If oil does manage to crash again, we should be thinking about buying, not panicking.