US WTI selling the bounce
Nothing has changed in terms of the view on Oil
Fundamentals are still poor despite recent Libya/Venezuela events. News today suggests OPEC could increase production again come June (if they aren't cheating already). Supply is going to increase whilst global econ slowdown will impinge demand plus inexorable move to EVs and solar/wind/alt energy etc to take its toll.
Chart patterns still look clean. Main direction (impulses) still lower. Rebounds to fibonacci 61% levels. Break from corrective price channel and retest breakout.
About to head lower again imo to low 40s initially and ultimately to take out $25.
Fundamentals are still poor despite recent Libya/Venezuela events. News today suggests OPEC could increase production again come June (if they aren't cheating already). Supply is going to increase whilst global econ slowdown will impinge demand plus inexorable move to EVs and solar/wind/alt energy etc to take its toll.
Chart patterns still look clean. Main direction (impulses) still lower. Rebounds to fibonacci 61% levels. Break from corrective price channel and retest breakout.
About to head lower again imo to low 40s initially and ultimately to take out $25.
Comment:
Oil getting to $25 a lot sooner than even I thought thanks to Suadi/Russia tantrums. $25 next with potential for sub $20 in coming 12 months
Headed to 42 then 25.