$70+ Oil is trying to draw a line in the sandAfter Oil was pushed down from $123 in direct response to the FED, it found support around $70+ as OPEC considers it to be too low. $70+ Oil has been projected as being the low end when last year Biden said that if Oil gets pushed down to $70 because of Rate Hikes he would assure refilling SPR to add support so they're not out to kill this huge industry and producers have given back enough already. Just imagine where Oil would be had the FED not started raising rates with China coming back online after a 3yr slumber Oil would be at $150 as Global Consumption continues to grow. All eyes are on raising the debt level which they will but they have to draw it out both sides fighting for the people only to raise it, no one wants to drill holes in their own ship plus the last time the US Nation Debt was paid off was 1835 so the US has been dealing with this that long and they keep raising it but everyone panics but it`s all good the next WW they’ll clear the books, and as far as Rate Hikes go back in the summer of 1979 I remember I bought a house and the Mortgages rate was around 12% going over 17% if memory serves me right so what's happening is nothing to us old souls but kids panic when they learn that there's no more free money, Inflation always wins and I know that a gallon of gas will never go back to $0.30 that I remember and Oil will always bounce back but people panic if they haven’t lived through times like these and once the debt ceiling is raised the market will have a sigh of relief so hold tight and for CPG, BTE, and ATH these companies are all growing in production this whole time so when Oil turns they’ll bounce from being oversold. It’s a game of Snakes and Ladders, The US and China are huge economies and it takes time for any changes plus they shouldn’t have set the bar so high for China from the start and it won’t be long before they report strong growth. Happy trading, I`m off for another week.