Oil Is Heading Down In Price, Support at $72 Just Broke, Low $60
The price of Oil was in a trading range between $72 and 85ish, this past week it broke down support and now is going to head lower, I suspect we can see 62ish at first level of support, but I think mid $50's is now on the table.
Why? Elections are upon us and they want to make costs come down, so it looks like they are curbing inflation and thus justify more rate drops. Also if Trump wins, he is talking about lower energy costs and ramping up production in the US, so the outlook is bearish for the energy commodities prices... as supply increases and demand remains the same, price goes down... and so the bear market starts.
Why? Elections are upon us and they want to make costs come down, so it looks like they are curbing inflation and thus justify more rate drops. Also if Trump wins, he is talking about lower energy costs and ramping up production in the US, so the outlook is bearish for the energy commodities prices... as supply increases and demand remains the same, price goes down... and so the bear market starts.
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