Hey folks,
we have seen an confirmed head-and-shoulders reversal pattern on
USOIL
.
No recent resistance levels (at least within a few years) are in sight, so chances are good to see a oil rally.
Comment: Large countries and economies depend on the oil price, as one of their major revenue they earn in distributing oil, e.g. U.S., Russia, Middle East. I think that the "big players" were surprised by the corona virus and the immediate shortened world demand of oil. They will reduce their output to rise prices again.
Enjoy,
Cheers!
we have seen an confirmed head-and-shoulders reversal pattern on
USOIL
. No recent resistance levels (at least within a few years) are in sight, so chances are good to see a oil rally.
Comment: Large countries and economies depend on the oil price, as one of their major revenue they earn in distributing oil, e.g. U.S., Russia, Middle East. I think that the "big players" were surprised by the corona virus and the immediate shortened world demand of oil. They will reduce their output to rise prices again.
Enjoy,
Cheers!