On the top, we can see a rising wedge and we already break out the resistance line. waiting for 23.6-32.8% level Fibonacci
The additional shift of workers to remote work is a bad prospect for the oil industry. This means that tens of millions of people in developed countries will greatly reduce the movement of their cars. Only this factor for 2021 means a decrease in world oil demand by 0.4-0.8 million barrels per day (or 0.4-0.8% of oil consumption).
Here is the highest price of brent oil from now. It will fall to 0.
jojofang0901
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Great analysis as always, thank you :) seeing the similar potential as well on this.
PolarHusk
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thnks for sharing!
Marcusll
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Mucho Bien! Deseo mucho exito
bandi0
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I have the same view. From longer term perspective it also hit fib 61.8 which i believe is the main reason of why it broke the rising wedge to the downside. Dynamic indicators are also well aligned for more downside.