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WTI RSI Hits Most Overbought Since 1990

COMMODITIES

WTI and Brent crude futures continue to poke higher, with new cycle highs posted in both contracts during Asia-Pac hours. This keeps the resolutely bullish trend in tact, but technical signals continue to flash overbought.

Early Thursday, WTI's Relative Strength Index hit its most overbought level for over 30 years, when 1990's oil price shock saw prices more than double over the course of a few months.

The NatGas rally has persisted, but prices seen at end-October remain resistance - $3.396.

Gold rebounded ahead of the late November lows of $1764.80, with yesterday's highs of $1795.10 providing the first upside target. Dollar weakness early Thursday is helped boost precious metals, although silver continues to lag.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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