If you go all the way back to 2008 you will see the price of oil was declining year over year prior to covid The current price is well over the long established channel The RSI is also very high Momentum (lazybear fx) peaked in June and is steadily declining Other fundamentals to consider > we are at the end of summer so vacation travel will start to decline > UAE and OPEC have agreed to produce more oil > COVID changed how businesses run as more can be done at home and through zoom
I have a similar analysis, mainly due to price not being able to hold above that crucial pivot level around 74. Not to mention with everyone so bullish, it would make perfect sense for us to at least see a 38.2% Retrace off the ATL, because a break downward wil/ is catching a lot of people off balance