THINK RED
Updated
Seasonality bearish.
Fundamentals bearish.
Charts bearish.
Production bearish.
Demand falling.
China SPR full.
Dollar rising.
Look at the big picture. The monthly chart i just posted.
We are very much still in a bear market.
You dont get big red bars like we have lately in a bull market.
Market must account for the big spring rally that was predicated on false beliefs.
1) OPEC would freeze.
2) US gas demand was much higher
3) US Shale production would be much lower
All three of these items were wrong.
I believe in my opinion we are going to new lows.
Fundamentals bearish.
Charts bearish.
Production bearish.
Demand falling.
China SPR full.
Dollar rising.
Look at the big picture. The monthly chart i just posted.
We are very much still in a bear market.
You dont get big red bars like we have lately in a bull market.
Market must account for the big spring rally that was predicated on false beliefs.
1) OPEC would freeze.
2) US gas demand was much higher
3) US Shale production would be much lower
All three of these items were wrong.
I believe in my opinion we are going to new lows.
Note
This is just a relief rally. Dollar raging and gasoline lagging.
Opportunity to add to your crude short today.
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.