CRUDE break down
Crude oil is breaking down, and is doign that really fast as well.
Unfortunately, this is not expected to abate inflation, negligibly if at all.
Part of this slide down comes from a surging USD, and the other half is the anticipation of a recession due to the spiking interest rates.
The Crude futures weekly chart is all bearish, candlesticks, indicators, etc. The projected downside target of 70 is feasible, but possible for a stall/bounce at 75.
The daily chart shows a decisive breakdown out of the support range, heading to the 1.618 Fibonacci projection target at 70. While most indicators are bearish, oddly noted that there is some volume divergence. This is the first hint that an underlying rally might be forming... more on this as it develops.
Unfortunately, this is not expected to abate inflation, negligibly if at all.
Part of this slide down comes from a surging USD, and the other half is the anticipation of a recession due to the spiking interest rates.
The Crude futures weekly chart is all bearish, candlesticks, indicators, etc. The projected downside target of 70 is feasible, but possible for a stall/bounce at 75.
The daily chart shows a decisive breakdown out of the support range, heading to the 1.618 Fibonacci projection target at 70. While most indicators are bearish, oddly noted that there is some volume divergence. This is the first hint that an underlying rally might be forming... more on this as it develops.
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