Headline, hyperbole, punctuation and post courtesy of
ZeroHedge:
Yesterday we lamented the
ridiculously oversold levels in West Texas Intermediate, which as BofA
calculated, has hit "oversold" levels for only the third time in six
years. We assumed that this could be the basis for a short-term rebound.
We were wrong, because we clearly had no idea just how determined the
Saudis are to crush Putin into the ground courtesy of plunging oil
prices.
As of moments ago, WTI has tumbled nearly $4 or 5%, just over $80...
... which just goes to show how idiotic any reliance on charts is in a
centrally-planned world, in which commodities are nothing but political
weapons. Bottom line: based on its weekly RSI chart, WTI has just hit
the most oversold levels since Lehman.
But to our rather great dismay, what is gong on with Brent turned out to be far worse, and as the weekly RSI indicator shows the selloff in Brent is now the worst, well, ever!
