Crude Oil Continues To Slide Downward - $55~65 on target.
Did you follow my research from late October/early November?
So many people thought Crude Oil would climb higher on supply concerns (related to Winter/Europe). But here we are sliding below $75 (soon) and targeting the mid-$60s.
My call from October was that we may see $64 to $67 as a base. Now, I'm thinking we may see $54 to $57 as a base.
What is going to prompt demand for Oil when the world is struggling with post-COVID inflation and the US is in the early stages of a moderate recession?
The post COVID commodities recovery phase pushed Crude well above $110 for a while, but now we are starting to transition back to "normal" in terms of true supply/demand.
In my opinion, Crude will settle between $55 ~ $65, then attempt to find some support.
Follow my research.
So many people thought Crude Oil would climb higher on supply concerns (related to Winter/Europe). But here we are sliding below $75 (soon) and targeting the mid-$60s.
My call from October was that we may see $64 to $67 as a base. Now, I'm thinking we may see $54 to $57 as a base.
What is going to prompt demand for Oil when the world is struggling with post-COVID inflation and the US is in the early stages of a moderate recession?
The post COVID commodities recovery phase pushed Crude well above $110 for a while, but now we are starting to transition back to "normal" in terms of true supply/demand.
In my opinion, Crude will settle between $55 ~ $65, then attempt to find some support.
Follow my research.
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Follow me on Youtube, TradingView, Others
www.youtube.com/channel/UCjjblvO7QRPKx2GcrVcoSgQ