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  • Benjamin Roth: The Great Depression: A Diary

    Benjamin Roth: The Great Depression: A Diary
    It's all here, times change people don't -the endless govt programs that fail to stimulate the private sector -the ups and downs of the economy, the veterans pension stimulates just as the housing credit did, until of course the money runs out -Roth is a attorney in Youngstown Ohio who kept a diary regarding the economy from 1930 until WW II breaks out, he is objective, candid, and forthright which is more than we get from Washington DC now or then highly recommended

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July 31, 2022

Not so fast, A Look at the Weekly Oil chart

Weekend July 31 2022

With the Friday close we ccan see the updated weekly chart for crude oil.

 

Screen Shot 2022-07-31 at 10.37.14 AM

PMO has not bottomed and RSI could turn down. I originally thought crude would fall to the 80s to eliminate the disparity between the near and far contracts. That is still possible. Then we would have a rally into the fall.

The monthly chart also suggests oil is topping now and might correct for the first time in over two years.  Five waves up from April 2020 and now a wave C begining  I labeled another chart but it will not post, trust me on this, can you see it?

Screen Shot 2022-07-31 at 11.13.27 AM

Apache looks much the same.

Screen Shot 2022-07-31 at 11.21.07 AM

 

 

Posted at 11:42 AM in Energy |

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