Oil is not gonna go to the moon without some serious corrections. By now everyone’s noticing the ascending broadening wedge pattern on the chart. Based on this pattern, we will go down and we will go down hard. We’re gonna have to wait if the price breaks below the support trend line or not. If it does we will have a bearish retest and spend some time below the support trend line but we will bounce back up hard.
Fundamental analysis: Over the past few years the supply of oil has not increased as much as demand has been increasing. The governments keep barking about going green energy but it seems like the demand is not gonna go down and if that doesn’t go down and the world decides to extract less oil from the earth then get ready for $300+ per barrel. If green energy production goes through the roof to divert the energy demand from fossil fuels to renewable energy then you’ll have a chance that we will not see oil at a few hundred dollars per barrel
Fundamental analysis: Over the past few years the supply of oil has not increased as much as demand has been increasing. The governments keep barking about going green energy but it seems like the demand is not gonna go down and if that doesn’t go down and the world decides to extract less oil from the earth then get ready for $300+ per barrel. If green energy production goes through the roof to divert the energy demand from fossil fuels to renewable energy then you’ll have a chance that we will not see oil at a few hundred dollars per barrel