Spotting a Macro Trend in Oil Industry.
Updated
US Oil is facing resistance on a long Trend Line. Oil will reverse from this point which tells us a lot about the industry in general. How the world is shifting towards electrification and adapting to the new electric revolution in the auto sector which is the major consumer of oil. Dependence on Oil will decrease from here on. There are no new consumers rising for the oil but rather would be decreasing over a period of time. This is more like a slow death of oil. It won't disappear all of a sudden. This can take 5 to 10 years time keeping in mind how rapidly & exponentially the world is changing.
This is purely a short trade. An aggressive one from the current market level. For the target of $32-$34.
This is purely a short trade. An aggressive one from the current market level. For the target of $32-$34.
Trade closed: stop reached
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