Oil clearly took the up-ramp. Now as you can see CJ was playing pretty much playing a leading role on this chart, which spans from May last year. There have been three other occasions back in August and September last year where CJ dips before catching up with Oil. It signals a possible USD roll over, which often plays in the second half of the year.
Should we see a start of the USD roll over season at this time of the year it may take a little longer than usual to return bullish again. I see a possibility to last till December from any time it starts. Let's keep an eye on the stock markets as they play a big role to kick it off.
Should we see a start of the USD roll over season at this time of the year it may take a little longer than usual to return bullish again. I see a possibility to last till December from any time it starts. Let's keep an eye on the stock markets as they play a big role to kick it off.
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USOil on a long term perspective
