Yes It might have bottomed or we need to see a 5th wave down or dbl bottom - can't be determined at the moment.
But, i'm much more interested in hearing why you see $60-70 as a "optimal fundamental price...... optimal for whom? Thx!
AIpricepatterns
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I was doing research. Analyzed the data of oil companies and EA releases. If oil prices are long-held below $ 60, we will see a strong problem in the oil sector.
Today:
* Reduced employment in the oil sector
* The company due to large debts and low oil prices are on the verge of bankruptcy.
For the settlement of supply and demand, the government issues permits for less oil drilling borehole.
On the other hand, a strong US dollar significant effect on international sales (companies receive fewer dollars due to the devaluation of the currency). I think that will attempt to weaken the dollar to normal. The weakening of the US dollar will stimulate the growth of oil prices.
I also think that oil - politicized tool. Oil can not be expensive. It is an instrument of pressure on Russia. Therefore, I believe the best price range of $ 60- $ 70
Sorry for my bad English.
CoinedByCrypto
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Thanks for your reply . I do understand and agree with many of your arguments and thoughts. Indeed!
I'm not much into fundamental analysis myself. I do tend to be biased by it so therefore my interest. I look at price action and make technical analysis. Often I find that fundamental analysis more gives the reasoning after the fact or is more useful to explain volatility. If of any interest have a look at my publicated TA oil charts. I do see a possible bottom for oil and a first move for gold to the 60 area before a significant retrace.
AIpricepatterns
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Thank U. I think today it makes sense to buy oil stocks and gold. For example on the fundamental analysis i like: VLO, PSX. On the part of the technical analysis, I would like to see a correction and buy stocks. I'll wait for the right moment.
CoinedByCrypto
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Hi BSN This part : "for gold" in the last sentence has sneaked it's way in by mistake. Plz skip it when reading. I was interrupted by another at the same time writing to you. It's got nothing to do with gold at all. Thanks!
But, i'm much more interested in hearing why you see $60-70 as a "optimal fundamental price...... optimal for whom? Thx!