guidoamm

Oil complex - something is rotten

Short
guidoamm Aggiornato   
ICEEUR:BRN1!   Brent Crude Futures
On daily charts, I can see any number of head and shoulder formations incudling on the ETFs

The monthly WTIC chart is looking like.... the last gasps of a dying industry? Is that possible?

I can see how commodities in general will rally in the medium term. The oil chart however says this is a secular decline....

I am short the oil sector till I will no longer be...
Commento:
I think this break has legs. At least till the end of the year, the Covid19 hysteria will keep a lid on oil demand.

Also, I can see a decline in the general market till at least the American election.

The oil patch not looking so healthy.
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