NYMEX:CL1! LIGHT CRUDE OIL FUTURES
Do you believe price or RSI? Negative rates have created a price bubble. Where else but cash and the dollar do you put your money, if your job depends on finding and realizing the best rate of return. Risk on, because they have to, not because it is smart. Careful now. Greed is amazing. I trust more than price right now. So charting, graphs in . Feels like are pushing this event, and whichever way it goes. But with negative interest rates, failing oil companies that would have otherwise defaulted, have re fi that same debt, extended its maturity dates, and survived another day, but how many days. As the price continues down, yes where I am gas is now below 2.00 per gallon, as they continue to try to sell the glut of inventory they have, and demand slows in the fall, starting now, until cold weather hits, what catalyst will cause a rise in price? Don't see it, and as countries continue to devalue their , and the dollar strengthens yet again, and again, with each tick up, oil down. IMO Price continues down, and those same companies out of desparation sell, they sell at any cost, got to pay that debt or fold, until they do fail. This final flush, and exhaustion of that market is needed for a second bottom. And maybe the big boys suffer a little, let the little ones sell, drop the price more (or sell their own as a play to lower prices so they do fail) so they can buy them at bankruptcy for pennies on the dollar, hey its not personal its business, If we didn't go negative rates, that bottom would have been it. But, we keep avoiding the pain to reset, until it gets (from greed) intense. I see this last gasp a quick and high , try to keep up with the move, drop. Best of fortunes.
Excellent analysis!!! Although I am of different mind. 44.4 was a decisive break; however May came with multiple steps of demand levels and I believe we just hit a spring trap. Regarding RSI, I am a novice there but looks like extreme bullish divergence to me; please take a look at my chart and let me know if i'm reading it wrong. Good trading to you!