Despite the assumptions supported by good data, crude oil did not rise to the levels we expected. The graph now shows a wedge from which the output can show the new direction or the continuation of the current.
Bank analysts have been writing and saying in interviews for several days that the current high price of Petroleum is not supported by fundamentals and is artificially inflated. They add that the price of oil is being driven by optimistic vaccine data. When they say it publicly Analysts who have devoted half their lives to science, long graduate studies and know the subject of financial markets like no one else, it is difficult to consider any other option. Unfortunately, I personally disagree 🙂
The most important thing is the chart, price and behavior for the current period. And now I do not see the signal for a course deviation yet. The world markets are in a better shape, the demand for crude oil is growing, and the stocks are getting smaller every month. Maybe he is misinterpreting the situation?
Currently, there are more restrictions in countries before Christmas. Unable to move, more quarantine. It’s understandable that the holiday season can make you more ill. But at the moment we have an uptrend 😉