one yr chart, strange wedge that has been forming, should eventually break out to the upside, unless that old yield curve suddenly inverts in a big way.
On the EIA report today, consumption in the post-holiday week rolled off the table, down 2730 to 18359, driving a 17.3MMB stock build, despite basically 0 net imports.
Anyhow, it looks like somebody broke a mirror and we'll have 7 more years of bear market.
http://www.321energy.com/editorials/maund/maund121219.html
looks like others are watching that same triangle that i have been watching.
break out soon?
remember, oil often has a run-up right before the next recession sets in.
oil had its big run-up into 1980, just before the big double dip recession.
oil had a spike in 1990-91, just as our recession began.
oil again jumped up to 40 in 2001, right as we entered recession.
oil topped out in 2008, just as we entered our big recession.
i expect oil will go back up above our 2013 highs, before we enter our next recession.
will that falling resistance line shove the price back down?
bear, read a piece just yesterday from a technician who sees oil breaking out and a possible 90 dollar ring to it....of course we have to see 60 first
I have a target of $245. I do not see it hitting this decade but it looks good for the next decade.