Crude Oil Continues To Slide Downward - $55~65 on target.
Did you follow my research from late October/early November?
So many people thought Crude Oil would climb higher on supply concerns (related to Winter/Europe). But here we are sliding below $75 (soon) and targeting the mid-60s.
My call from October was that we may see $64 to $67 as a base. Now, I'm thinking we may see $54 to $57 as a base.
What is going to prompt demand for Oil when the world is struggling with post-COVID inflation and the US is in the early stages of a moderate recession?
The post COVID commodities recovery phase pushed Crude well above $110 for a while, but now we are starting to transition back to "normal" in terms of true supply/demand.
In my opinion, Crude will settle between $55 ~ $65, then attempt to find some support.
Follow my research.
So many people thought Crude Oil would climb higher on supply concerns (related to Winter/Europe). But here we are sliding below $75 (soon) and targeting the mid-60s.
My call from October was that we may see $64 to $67 as a base. Now, I'm thinking we may see $54 to $57 as a base.
What is going to prompt demand for Oil when the world is struggling with post-COVID inflation and the US is in the early stages of a moderate recession?
The post COVID commodities recovery phase pushed Crude well above $110 for a while, but now we are starting to transition back to "normal" in terms of true supply/demand.
In my opinion, Crude will settle between $55 ~ $65, then attempt to find some support.
Follow my research.
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-- Special TradingView Tools
-- Automated Trading Systems
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-- More..
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Get Some.
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.