Crude Oil and US stocks have similar seasonal patterns. US stocks are seasonally bearish August to October. Crude Oil is bearish
August to December.
My detailed writings have illustrated enormous amounts of bearish sentiment and momentum evidence.
Now what's happen to Crude Oil (CL2!)could be another bearish factor.
CL2! on 8/20/21 reached chart support - the 05/21/21 bottom and a .236 retrace of the bull move since April 2020.
Stochastics is in the oversold zone.
There could be at least a short-term bounce. Seasonal factors imply it may only be a bounce.
Watch CL2! a move below it's 08/20/21 bottom could trigger a significant move down for Crude Oil and US stocks.
Mark
August to December.
My detailed writings have illustrated enormous amounts of bearish sentiment and momentum evidence.
Now what's happen to Crude Oil (CL2!)could be another bearish factor.
CL2! on 8/20/21 reached chart support - the 05/21/21 bottom and a .236 retrace of the bull move since April 2020.
Stochastics is in the oversold zone.
There could be at least a short-term bounce. Seasonal factors imply it may only be a bounce.
Watch CL2! a move below it's 08/20/21 bottom could trigger a significant move down for Crude Oil and US stocks.
Mark