Oil Back to Downtrend - Descending Triangle/Uptrend Waning
Descending triangle forming in last 3 days. Uptrend is about to wane and fall under the .236. I think as it falls below and the .236 line is the new resistance, it won't have the strength to move above. Momentum has been sporadic and unreliable, and the inability to gain momentum above 46 is a telling sign that oil can't go up without going back down for now.
However, I think we will see huge upside once more currency devaluation pushes commodities up further in nominal terms. We could talk about the covid shit but who cares about that. It's a misnomer, at this point. The real price movements will be with currency devaluation in the year-to-come. That's all that'll give it strong upward momentum.
I see moves back down to 36 to continue the downtrend. That would be my counterpoint to inflation that would actually have some merit. But we will see dollar devaluation and a push towards status quo which will not only push up the price nominally, but will increase demand because employment will increase a bit. Wouldn't be surprised if Biden's commissars enlist a Civilian Conservation Corps to help maintain employment rate and boost his approval rating.
However, I think we will see huge upside once more currency devaluation pushes commodities up further in nominal terms. We could talk about the covid shit but who cares about that. It's a misnomer, at this point. The real price movements will be with currency devaluation in the year-to-come. That's all that'll give it strong upward momentum.
I see moves back down to 36 to continue the downtrend. That would be my counterpoint to inflation that would actually have some merit. But we will see dollar devaluation and a push towards status quo which will not only push up the price nominally, but will increase demand because employment will increase a bit. Wouldn't be surprised if Biden's commissars enlist a Civilian Conservation Corps to help maintain employment rate and boost his approval rating.