.... for the better part of "Eternity". (Well, at least for the foreseeable future.) A soon-to-bottom UD also will not help WIT's cause. This market was, is and remains, at these levels, nothing more than just one part of the global speculative bubble. We shall meet again at $30.
Comentário
⋅
Note; Obviously, the Title of this post meant to depict "Crude Oil" - not it's mythical cousin: "Cruse Oil".
Why would it be bubble? Will you provide any rational? Price action is sideways currently but overall oil is bullish. There is no way we go back to 30 USD per barrel... It will go to 67.50 USD, then to 70 USD per barrel. Demand is coming back over the summer as people will start to travel again. In addition to that IEA recent report failed to spook the market, which is bullish sign. Plus, price also failed to selloff on Iran headlines (which is also showing us how bullish oil really is).
@IanSinclaire, What does it have to do with oil? We are not even in crisis. Point and figure chart is good for trend following, however, its forecasting abillity is quite limited.
@IanSinclaire, Okay, I was responding to that Point and figure chart. It is why it did not make much sense to me. But even single divergence does not mean that we are neccessarily peaking.