Oil Topping for now
Price has flipped many times in the past at this price.
Price is extended to the upside.
Momentum has been diverging for the last 8 months.
OPEC+ has reaffirmed their stance to increase production.
Saudi Arabia and other countries production hasn't even been turned back on yet so they can increase it even more if need be.
Global demand and consumer demand is actually falling, this can be seen by China's economy contracting so prevalently.
It's still winter and a correction is warranted.
Maybe by May or so, we go back up again and could go to crazy heights if things don't get better with inflation.
Price is extended to the upside.
Momentum has been diverging for the last 8 months.
OPEC+ has reaffirmed their stance to increase production.
Saudi Arabia and other countries production hasn't even been turned back on yet so they can increase it even more if need be.
Global demand and consumer demand is actually falling, this can be seen by China's economy contracting so prevalently.
It's still winter and a correction is warranted.
Maybe by May or so, we go back up again and could go to crazy heights if things don't get better with inflation.
Note
THIS IS BULLSHITNote
Appears we have topped. The run became quite extended.2 days in a row now with -4% drawdowns. We hit the top of the expanding diagonal channel. Strengthened my put positions.
Note
Beautiful 5 wave impulse down with alternation on the waves 2 and 4
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.