After the 2h 50 EMA crossed below the 200 EMA first time since May 05, 2020,
the 3h 50 EMA crossed below the 200 EMA on Sep 04, first time since May 07, 2020.
What exactly can stop oil from going diving back to low $30's ? More cuts from OPEC?
Winter coming to the Northern Hemisphere? Miracle vaccine ?
Doubt it. Let's see...
BRENT OIL 1 Week Chart, with Ichimoku Cloud.
So we all know from May this year that about $20.00 is the limit where OPEC & Russia will start holding hands and interfere with the oil price.
And you think about the below reasons, and look at the Weekly chart....
Reasons:
1. COVID - Economies around the world are NOT recovering to previous levels, LESS...
Let's see what we have:
50 EMA crossed below the 200 EMA
2h Chart: Sep 04, first time since May 05
3h Chart: Sep 07, first time since May 07
4h Chart: Sep 07, first time since May 18
1D Chart? 50 EMA was always below 200 EMA since January
In the 4h Chart 50 EMA crossed 200 EMA in the last hour of trading.
First time in 4 Months. If there are no unexpected news,...
Last time the 2h 50 EMA was under 200 EMA was on 05 May 2020.
Now we are heading to another cross-over.
!!BUT in the 4h and 1D charts 50 EMA is comfortably over 200 EMA!!
But this is interesting. if it crosses over for the first time in 4 months,
we might have a good old waterfall...
As always, do the research, I might be very, very wrong...
A look at Oil's future through our crystal ball,
Renewables, Electirical Vehicles, Price war between traditional oil producing countries and the Shale Oil business...
In 15 years they might be teaching in history classes that people used to trade oil, and once a barrel of it was $147.
Just like how they teach about Whale Oil, Tulip Bulbs, Guano...
Now? Trade...
Triangle formation, will TVC:UKOIL CURRENCYCOM:OIL_BRENT break the triangle and move upward.
Stop Loss at 40.00.
Initial trade today at BUY at 40.80 stopped at 40.30.
