Fotografie de David McNew / Getty Images
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Oil is likely to extend its decline. The histograms show that oil is entering the weakest part of the month in what has been the weakest month of the year. November has been the weakest month in any year, showing rising prices only 36% of the time. The November 10th-Decembrie 10th interval has been the weakest 30-day period for oil since 1983. Price has been lower over 60% of the time in this span.
The next two weeks are the most bearish part of the month as can be seen in the daily histogram below. The $76 area is the target. The next lower support level is $66.
Oil Daily
This decline is likely to extend.
Cycles Research Investments LLC
Monthly Histogram-Oil
October and November have been the most bearish months for the oil price.
Cycles Research Investments LLC
Albastru: Modificare procentuală medie
Roșu: Probabilitate de creștere în acea zi
Verde: rentabilitate așteptată (produsul primelor 2)
Daily Histogram for Oil in November
The last week of the month has been especially bearish.
Cycles Research Investments LLC
Albastru: Modificare procentuală medie
Roșu: Probabilitate de creștere în acea zi
Verde: rentabilitate așteptată (produsul primelor 2)
Source: https://www.forbes.com/sites/greatspeculations/2022/11/21/oil-prices-are-likely-to-continue-to-decline/