DDOG breakout / stop place at $85
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DDOG breakout / stop place at $85
USOIL -- Looking at the Macro of Oil.... the world is continuing toward recession. Foreign countries are broke thanks to the strengthening USDollar last year and the rise in commodities due to the War in Ukraine. Now that countries are broke and inflation is sky high around the world many consumers are able to buy less and businesses are seeing less spending last Quarter and there are less orders for manufacturers. This is all bearish for Oil as less needs to be created and transported. -- Oil is still high compared to where it was during 2020 and the first half of 2021, but it is showing on the charts that it can't get past the current resistance of around $80-$83. This has happened four times since Dec. 2022. We will likely see a jump again to $80-$85 during the Spring and into Summer due to local travel for trip/vacation, but the momentum of industry is slowing down globally. Unless a White Swan happens for Oil I have a hard time seeing oil getting above $85 and more likely breaking Support of $70 by the end of Sept.
-- There are oil companies that have dividends and I also can't see oil going away as it's the most stable and storable energy for the world. Until we move toward a larger output and stable energy, like nuclear, oil/NG will remain the primary method to manufacture and transport goods.