US Crude Oil is stuck in a long consolidation pattern with the price stuck between 85 $ and 65 $. With Crude Oil unable to break the sideways consolidation pattern Dr Copper is making new highs in a recent month. On the weekly price chart of the world’s most traded commodity i.e. Crude Oil where we see a consolidation for more than 12 months. With new US administration the Crude output is estimated to go up, which will put downward pressure on the Crude Prices $USOIL.
USOIL prices will most probably remain range bound within the 0.612 and 0.5 Fib retracement levels with prices ranging between 80 $ and 65 $.
But we see the prices of Dr. Copper remain in a bullish trend over the last 5 years. At a Macroeconomic level
COPPER prices are a leading indicator of the strength of the economy. With Stock market index making new highs across markets
S&P,
NASDAQ,
DEU40 and macro economy doing well,
COPPER prices are expected to remain strong.
So Long
COPPER , neutral $USOIL.
But we see the prices of Dr. Copper remain in a bullish trend over the last 5 years. At a Macroeconomic level
So Long
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