Posted on 06/20/2021 8:52:42 AM PDT by Hojczyk
Brent markets pulled back just a bit during the course of the trading session on Friday as well, only to turn around and form a bit of a hammer. Ultimately, if we can break above the $75 level it is likely that the Brent market goes looking towards the $80 level which would fulfilled the measured move of the ascending triangle underneath.
The 50 day EMA is racing towards the $70 level, and that of course comes into the picture as well. The Brent market of course is looking at the reopening trade with the demand picking up just like other markets and grades of crude oil are.
I have no interest in shorting this market, nor any other energy market in the short term. If we break down below the bottom of the ascending triangle, that could change things, but I do not see that happening anytime soon.
(Excerpt) Read more at finance.yahoo.com ...
What do it mean? 🤡
“If we break down below the bottom of the ascending triangle, that could change things”
“Breaking 75 opens up a move to 80”
Technical hokum.
> Technical hokum <
It sure sounds that way. And did you notice the “could” there? That’s his safety valve.
Might as well flip a coin. But you don’t get paid the big bucks for just flipping coins. So you gotta add lots of serious-sounding stuff.
Of course, I “could” be wrong.
Just spent 4.50 / gal for gas to run a generator
when CA shuts me off. The roads are in such good
condition that the front end of my car needs realignment
about every year. Union pensions are well funded though.
Newsom suchs.
Higher crude prices benefit the Arabs, Russia and the North Sea region — all but the US. No wonder everyone is happy with Biden.
The MAGA days are over and it is back to the pre-Trump years of Screw America again and again.
Supply and demand, the main driver of everything and everyone ignores it. They have a million imaginary reasons (excuses) but it’s supply and demand.
In the case of energy, that stretches into years when exploration slows for example. Low exploration eventually leads to lower production, leading to supply crunches.
I’m long of oil, as the oil people say.
$5 gas and no more mean tweets...Yay!/sarc
I wonder when Piglosi will step in front of the cameras to tell us the rich evil oil companies are to blame.
High oil set off the 08 panic. Do you pay for gas and food or the house payment?
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