Crude Oil Daily Chart Update

My intent was to eliminate all other months and stay with the December contracts for the rest of the year. This is still the November month as it slipped past me.

The recent rally still looks corrective so $50 is still on the table from my perspective, or let’s say it’s still on my wish list.

I refuse to spend my time regurgitating all the fundamental analysis out there as they change with the wind. Since 2019 there were about 6 swings in different directions in oil and I bet very few readers remember what fundamental news events happened for each one.

The short version is that when analysts hype a certain direction it gets up and goes the opposite direction.

The Gold/Oil ratio is about 27:1 and it might compress a bit more in the next few weeks, and it takes the Gold/Oil ratio 35-40:1 before oil becomes cheap again.

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