A new possible descending channel in play
Hi Folks:
Assuming we hit the top again, we could be droping following the current descending channel.
I am basically in a bear mood because of the covid cases worldwide, but long term we may go above 100 next summer. So basically I am expecting some sort of important correction and then another big rally to new highs never seen in the past few years due to the lack of investment in the oil industry and their inability to increase output. Once demand picks up to pre-covid levels price may rally again.
So far I believe the covid situation is the one stoping the rally and balancing the supply/demand levels.
STAY SAFE. Cheers.
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Assuming we hit the top again, we could be droping following the current descending channel.
I am basically in a bear mood because of the covid cases worldwide, but long term we may go above 100 next summer. So basically I am expecting some sort of important correction and then another big rally to new highs never seen in the past few years due to the lack of investment in the oil industry and their inability to increase output. Once demand picks up to pre-covid levels price may rally again.
So far I believe the covid situation is the one stoping the rally and balancing the supply/demand levels.
STAY SAFE. Cheers.
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.