First, it is not megaphone pattern (in addition to that megaphone is bullish pattern and not bearish pattern). Second, demand for oil continues to rise. Demand is expected to rise about 6 million bpd in 2021 and another 3 million bpd next year. Pre-pandemic demand was at about 100.6 million bpd. Same level of demand is expected to be reached in second half of 2022. Third, there is no reason why oil would go negative as it did on 20th April 2020. It was probably one off event that occured due to lack of space at Oklahoma, Cushing (which is settlement point for WTI oil). Thus, why would oil plunge and go negative again?
Here are some of our technical thoughts:
TradingBrokersView
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Strong setup. We outline our expectations below:
farmtrader15
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lol
Eltoto
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haha people just post what they like
LiveFXtrade
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LiveFXtrade
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NO - they have rigged the oil market, so it is NOT possible to do it again... however when you SHORT = price moves higher and higher everytime...
InkyGrip
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I agree with your opinion 🦐
Tradersweekly
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@plancton0618, Why do you think oil would go down? Check our comment above.
Paperstacks_SA
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I am with you here @Tradersweekly, This is a highly imposible view, There is no way oil is gonna repeat that accidental move of going negative anytime soon or even ever again.
Here are some of our technical thoughts: