Wed July 6,2022
11 45 AM CST
We noted n our weekly column that the bullish percent of energy shares had collapsed. This foretold what is happening now, a collapse in the oil price. Is this suggesting a lack of demand amid all this talk of recession? Reminds me of 2008 when oil ran to $140 ($120 this time) and then collapsed to $35 into Christmas.
2007-2007 - 08 Daily
With the War In Ukraine hard to see that kind of scenario but 85 not out of the question.
Here is the current chart which looks eerily like the above chart right into July, uh oh it is July now, how's that for rhyme.
2020 Covid Low - July 2022 same month the top occurred in 2008 this is weekly but exhibits same pattern
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