Tuesday March 28, 2023
Crude oil appears to have support at $70. EV alert, an editorial in WSJ today notes that Europe is giving up on all EV by 2035. The batteries are not here, they require rare earth minerals from dirty mines in China, and well the cars are expensive. So crude oil and coal have new lifelines. I also noted one fund manger bullish on oil all the way to 140. from the 130 high
130-10 = 120 / 2 = 60, 130-60 = 70 which is where we are now.
NS a pipeline operator shows the same pattern
LEt's take a closer look at the daily chart
NS has corrected from its recent high of 17.5 back to support at 14.5.
Crude oil has given back a third of its value from 92. Looks like an A B C correction. OVeral the stock market should be poised to decline but energy looks like a bright spot.
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