SL: Still working on this; please reference the Potential Spring zone and lower
I would expect that prices continue up to test the 8/9 MA level and possibly 50.4 level prior to heading back down to the entry zone, we'll see next week. I'm still shaking of last weeks bumps and bruises; and patiently waiting for the next opportunity. Again, I will update this later with the weekly levels used from 2008 and 2015, it is quite interesting to me how significant they still are.
Have a great weekend and happy trading next week all!
Thank you again to @kate25 for tuning me in to the supply/demand exchange.
Good trading all!
While we can sometimes get a feel for the rhythm, sentiment can be like the wind or a herd of buffalo, or should I say bulls, & change direction with no warning.
I'd be interested in your general take on the longer term.
Mine is that it is down for the foreseeable future.
The OPEC cartel agreements to cut production are not worth the paper they are written on, The shale producers have to do something to pay their debts almost no matter the price of oil, so they alone can keep storage/reserves at or near capacity. Nothing makes the biggest buyers more worried.
The world economy is propped up by central banks trying to control the relative values of their currencies and the cost to borrow them. Their biggest fear is deflation but they have no bullets left to prevent it except their hot air. So they push or more accurately blow hot air on their interest rate 'strings' as if they need to rein in inflation, but more often than not don't raise them hoping their hot air can fan the flames of consumption.
Finally, if or when the consumer sees through the ruse, the prices of all commodities, except water & air will fall in a deflationary spiral as consumers wait to buy thinking the price will come down further.
No worry for that in the near term, but the winds sure appear to be swirling, so I am trying to pick tops more than bottoms.
Let's get some money) thank you for your work and charting! As clear as it can be.
P.s. Saved your 2008-2010 chart.