The monthly Crude Oil chart shows some seriously nasty ranges. From early 2000s, we have had monthly close check-ins from 20-140; and it does appear that the current dash for the upper end of the range is stronger in momentum (acceleration as seen by the slope and the size of the candlesticks). Taking history into account, it should slow down once crude is about 140, but I suspect the momentum should push it beyond, and as far as 155 in an overshoot.
IF we are lucky, ensuing years might see it come back down to 42-45 support area. Unless it maintains above 140, then there would be a massive range breakout. Projections from there would give crude oil another 100 more... yes, 240.
But for the nearer term, When crude makes a high above 140 by the end of 2022, things should start getting shaky... watch for it!
Phwfffftttttt....
IF we are lucky, ensuing years might see it come back down to 42-45 support area. Unless it maintains above 140, then there would be a massive range breakout. Projections from there would give crude oil another 100 more... yes, 240.
But for the nearer term, When crude makes a high above 140 by the end of 2022, things should start getting shaky... watch for it!
Phwfffftttttt....
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