Athabasca Oil Corp T.ATH

FED & Recession trumps all in Oil

[smallcaptdr]

Starting Friday when the US pushed Oil to a high of $80.70 before overseas hit resistance at $81 it became obvious that traders pushed it higher knowing that the FED Testimony started today and will be the focus for the next 9 trading days till a decision is made. When you look at the 1yr chart the pattern looks familiar so if everything stays status quo Oil could slide down toward $73 after China's GDP was knocked down, with surplus issues as Russia flooding the market in ways that keep sales under the radar but having the US and Europe heading towards a contraction in their economies are proving to be too much for Oil in supporting it over $80. This trend reversal needs to be taken seriously at this point unless some bullish event saves us exactly like the last time when Putin mentioned cuts. API Crude Oil Stock is out tonight.

Chart Pattern

Crude oil - 2023 Data - 1983-2022 Historical - 2024 Forecast - Price - Quote - Chart (tradingeconomics.com)

[Mattyboy19]

Oil is headed much lower, I'm not sure how it even got to 80 in the first place  

[Maxmoe]

Ask your duster, I mean daddy. He'll draw you crayon cartoons to 'splain it. Better ask how it got over 100 while you're at it