Oil 20 year weekly
- Price is centering around the 20 year Point of Control
- We must conclude that oil is at it's far price
- That price is between the price band where US producers can find profitability
-- Unless producers can get their production costs lower, reentering oil production is risky
Oil 1 year daily
- A sharpened view of how oil is trading in fair price territory
- Price is above SMA 200 but rotating lower off its distribution edge towards the Point of Control
Oil 90 D 4hours
- Price appears to completely ignore SMA 200 and heading to the 90 day Point of Control
- This would support the notion that oil is not trending, merely auctioning in fair value
- Observe classical swing/intraday trading entries.
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