OIL ROAD TO $50 , CHEAP OILHello everyone, I have been using this chart ever since wave 2 and have been shorting OIL since $110ish. Why? We all know oil is overpriced and it went up parabolically after having crashed to negative prices. I believe oil has much more to go down as the PetroDollar is dying. China,alongside BRICS members, have united forces to create the PETROyuan and will definitely yield a problem to the PETROdollar. Prices may even go lower than what I especulate but it does not take rocket science to believe what I know.
Some important facts about OIL we have to remember:
-Oil is one of the most important commodities in the world, used for transportation, heating, and electricity generation. It is a global market with prices affected by supply and demand, geopolitical events, and global economic conditions.
-The major players in the oil market used to be Russia and USA but its now China and mother Russia in an attempt to compete against the US economy.
-The price of oil is typically quoted in US dollars per barrel but that is now changing as oil rich countries are looking for new relationships with BRICS.
-Factors that can impact the price of oil include changes in production levels, geopolitical tensions, natural disasters, and global economic conditions.
-The oil market can be traded through futures contracts, exchange-traded funds (ETFs), and individual stocks of oil companies.
-When analyzing the oil market, it is important to consider both technical analysis (chart patterns, support and resistance levels, and indicators) and fundamental analysis (supply and demand factors, geopolitical risks, and economic data).
Have a nice day everyone!
