I'm an oil bear, for all sorts of reasons and at the moment I'm not very optimistic when looking at the charts. If what I see is a Cup and Saucer formation, the price could potentially hit $140 in the near term. I'm really hoping that's not the case, and WTI would touch the the ascending trend line and bounce down soon. Everybody's talking about the Russian sanctions, but nobody is talking about India and China are sitting pretty as they've secured obscenely cheap oil and gas from the Ruskies, AND the Parmian Basin is booming at the moment.
The pundits are thinking that given the macroeconomic environment, bullish overextension followed by a cooling period and a resumption of the prior uptrend is not an unlikely trajectory. The relative strength index (RSI) is showing momentum reaching so-called ‘overbought’ territory. This along with a test of important resistance at $120 may come together to mark the onset of a cool-off period.
Let's see. Fundamentals never work, only manipulation does.
The pundits are thinking that given the macroeconomic environment, bullish overextension followed by a cooling period and a resumption of the prior uptrend is not an unlikely trajectory. The relative strength index (RSI) is showing momentum reaching so-called ‘overbought’ territory. This along with a test of important resistance at $120 may come together to mark the onset of a cool-off period.
Let's see. Fundamentals never work, only manipulation does.