Since I had last posted about the "crude oil" market. The price of oil has risen up a little. More than I would want anyway. Ha
Everyone wants a profit. No one wants to work or invest for nothing.
The "free market" will decide what and how much though. It should work that way?
The "Daniels Trading" daily crude oil chart first.
At $49.40 dollars showing on the daily chart. It is at least below the $50 dollars a barrel price.
This is the "October contract month" I think. Without looking it up. I think I am right though.
Let's look at the "hourly chart." Maybe we can see something there that is interesting.
The daily has been showing price strength. Will the hourly show the same?
The hourly chart is showing less price strength for now. But I put more weight and trust in the "daily chart."
If we can stay around the $50 dollars level. Gasoline prices should remains stable for us.
We are in a season of less gasoline demand. Off season usually shows resistance for higher gasoline prices.
We shall see. I expect to see $2.00 dollars a gallon gasoline prices in this area in the future.
Before Christmas would nice. lol
Maybe I am wrong. And I am sometimes. I just don't see runaway crude oil prices.
Demand is going to be declining as "electric powered cars" make an impact on travel.
That day cannot come too soon.
Thank you for looking with me at what I have shown in this post.
If I see anything that is radically changed over the next few weeks.
I will post about what we are going to see then.
I appreciate your time and your upvote.
Francis