Oil just passed through the ichimoku cloud and is showing a pennant continuation pattern. If we weren't in a global usage decline that started before the pandemic I'd say there are plenty of reasons to wait and see, but this makes it look like we're all wearing the blue dress.
There are a hell of a lot more bears than bulls right now, and for good reason. Adding to those reasons, the dreaded barfing camel pattern has appeared. Hold onto your hats, me bredren. Long way down from here.
I have trouble seeing how this trend can continue just on Fed dollars alone.
They say the markets can stay irrational for longer than you can remain solvent, but how much can the Fed avoid that same fact? There's only so much manipulation that can be done, and we simply haven't recovered. The Fed has been "helpful" and many businesses are hanging on by a string,...
Some people like to trade on this, others just use it as a measure of market sentiment. I know it responds to different things than normal securities, but what does this chart say to you? RSI and that trendline tell me we might be in for another rush of volatility.
Oil's likely looking for another drop from here. I don't know how it could possibly get lower than zero, but the chart is indicating they might be taping $20 bills to the sides of the barrels to try to get it to move sometime soon.
After all the talk of how irrational the markets have been I decided to try and figure out what signals there are for another leg down. There are signs of it, but when? Hard to say. Saw this, though. Would love opinions.