Oil complex - something is rotten

guidoamm Updated   
ICEEUR:BRN1!   Brent Crude Futures
On daily charts, I can see any number of head and shoulder formations incudling on the ETFs

The monthly WTIC chart is looking like.... the last gasps of a dying industry? Is that possible?

I can see how commodities in general will rally in the medium term. The oil chart however says this is a secular decline....

I am short the oil sector till I will no longer be...
I think this break has legs. At least till the end of the year, the Covid19 hysteria will keep a lid on oil demand.

Also, I can see a decline in the general market till at least the American election.

The oil patch not looking so healthy.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.