OIL is at 20month SMA, under 18yrs of "overhead" supply.. everyone and their pooch..lol.. is bullish in oil due to "vaccine" potential growth, etc..
So a good portion of the workforce now works from home, Electric vehicles, and more importantly Electric buses in China are ever so increasing, and removing oil demand by the month, drip drip drip.. lol
we may range in this zone for a few years.. next upside level is 50.65 -53 50 Month SMA.. down side look for 42.20 -41.20 that fails then look for $38 20month to 35 red line 1998/2002 highs
NEUTRAL - Trading Range possible
So a good portion of the workforce now works from home, Electric vehicles, and more importantly Electric buses in China are ever so increasing, and removing oil demand by the month, drip drip drip.. lol
we may range in this zone for a few years.. next upside level is 50.65 -53 50 Month SMA.. down side look for 42.20 -41.20 that fails then look for $38 20month to 35 red line 1998/2002 highs
NEUTRAL - Trading Range possible
Trade active:
Closer view of the upper chart
