If you go all the way back to 2008 you will see the price of oil was declining year over year prior to covid
The current price is well over the long established channel
The RSI is also very high
Momentum (lazybear fx) peaked in June and is steadily declining
Other fundamentals to consider
> we are at the end of summer so vacation travel will start to decline
> UAE and OPEC have agreed to produce more oil
> COVID changed how businesses run as more can be done at home and through zoom
The current price is well over the long established channel
The RSI is also very high
Momentum (lazybear fx) peaked in June and is steadily declining
Other fundamentals to consider
> we are at the end of summer so vacation travel will start to decline
> UAE and OPEC have agreed to produce more oil
> COVID changed how businesses run as more can be done at home and through zoom