Oil complex - something is rotten Short

Brent Crude FuturesICEEUR

Description

⋅ Aug 12, 2020 7:19 AM

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...

Comment

⋅ Sep 9, 2020 9:19 AM

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.

Trend Analysis Chart Patterns