Still looking for lower oil prices

Brent Crude has fallen 12% since my note (3 weeks ago) called a peak.

Last night’s 6% decline (to $68.75) suggests and adds a little more strength to the downward trend.

The two links below discuss my bias for lower prices.

For now the $62 mark is a spot to watch and certain technicals over the coming weeks will help me decide if a new Long position is established there or around the $57 level.

Looking for interim peak in Crude Oil

OPEC crimping supply is curtains for the oil price

July 20, 2021

by Rob Zdravevski

rob@karriasset.com.au