WTI Oil Coming Lower to 1980s After Russian De-escalation? Currently Oil is sitting at a resistant trendline on the higher timeframes with a strong bearish candle being printed so far, about 2% down today. We've formed a double top on the timeframes below and after a brief pullback we're ready to move lower. This change in sentiment comes from the news that Russia has begun to withdraw troops off of Ukraine's borders but still looking to show off it's military power in drills that will take place in the future. Western media were salivating for war with Russia, an enemy it has built up in recent years, but in leaked wikileaks cables from 2008, Russia predicted the destabilization of certain Ukraine regions once the West tried to push into Ukraine because pro-Russian communities would begin to fight back. This has since come into fruition since 2014 and so Russia are clearly not acting on a whim, but rather a strategic posturing I would call recent events. Putin has not been afraid to downplay the strength of the Russian military in comparison to that of certain Western countries so it doesn't come as an ego damage that he would remove some troops. We'll see how this plays out but the situation has been overly exaggerated and now we will see outflows from safe havens if the above still holds through in the days and weeks to come.
