The market might get you into a trap, be careful of the spikes
My analysis indicates that the brent is going a bit further high since the buying pressure is really obvious.
After bouncing back from the pre-pandemic resistance and touching the channel's resistance since 2008 Brent seems like forming a head & shoulders pattern.
The above chart illustrates the performance of different asset classes in % change from Mar'20 low . The list of included assets is as follows: Copper Gold ES Brent DXY For the futures markets, the Jun'21 contracts are used; for DXY, the ICEUS index is used. As seen in the chart, the best performing commodity is copper, the rise in copper prices is...
What a crazy rally its been for oil since last November. Just passed the .786 Fib level on the daily based on the highs of Jan 2020 and looks pretty solid growth wise. Possible it can go to top of channel around 65. Definitely been good for the OPEC cartel and the USA. Maybe theres some cracks? A lot of traders are pricing in a recovery already in travel and...
NEXT PHASE OF DEFLATION WATCH FOR OIL TO PEAK 57 TO 60