Taking a closer look at oil a slip from $100 is looking more likely, we here to learn and share information about the markets. Crude Oil is a fundamental resource, still a root fuel source in many countries, much of our trade and economies are built upon oil .
We aren't too sure of all the factors around the causes and effect on the oil price if some more knowledgeable traders and economists could share them that would be great. It seems like oil giving us the slip from $100 is more likely.
We've zoomed out to a leap year, many of the trend lines are pointing towards 25 July 2022 x
The corners of these lines are pointing from the end / bottom of March - April 2022, when we had our first global lockdown. The other corner from the start of 2016, we've flipped over both these lines, doesn't look like much support.
We might see some support below $100 but it looks like much of this support and resistance is getting pushed into 25 July 2022 x corner. Above $100 in the near future seems more likely, how much above we aren't sure exactly.
Anyone have any idea what we can expect to pay for a barrel of oil by end of this year or 3 years to 2025 and 6-7 at the turn of this decade?
Speculations are welcomed, we consider none of this financial advice, we are research and speculating, looking for the professional and seasoned bulls and bears.
Taking a look at oil over a lifetime we can see the previous recession ATH around $148.341 per barrel.
We touched the trend dating back from 2000 - 2014 (side of the channel), the volatility from the end of 2014 found support 2016 (other side of the channel)
There's been lots of support for this channel on the 2016 side, we haven't broken below it yet besides the COVID anomaly.
Lets create a discussion around these charts as oil also contributes towards climate change and plastic in the oceans.
If the oil price is to increase trade becomes more costly, solar and electric becomes more attractive.
Good luck with your trades, have a good day.
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