Pardon me, but I am not going to care what President Trump says.
Regardless of equities, commodities , currencies or indices, it works on a simple equation. That is demand and supply.
We already know from various sources that Oil supply now is exorbitant and demand is sorely lacking. Think less air flight ,cruises , coaches, cars, trains , etc that are adversely affected by Covid-19. The more the cities remain lockdown and less people get out to drive, the less demand it is for Oil.
So when demand is less than supply, price drop naturally.
Many may have known that OXY is one stock owned by Warren Buffett. Though the stock has tanked badly, he is still collecting his 8% dividend from OXY. He is a very smart investor unlike activist Carl Icahn. He increased his stake in OXY and is adamant to change the entire board.
Read article here
At current price, it is too late to short (peak in 2018 was 88, 2019 was 48) and definitely not a buy for me even some analysts are saying to go contrarian.
When in doubt, stay away.....
Regardless of equities, commodities , currencies or indices, it works on a simple equation. That is demand and supply.
We already know from various sources that Oil supply now is exorbitant and demand is sorely lacking. Think less air flight ,cruises , coaches, cars, trains , etc that are adversely affected by Covid-19. The more the cities remain lockdown and less people get out to drive, the less demand it is for Oil.
So when demand is less than supply, price drop naturally.
Many may have known that OXY is one stock owned by Warren Buffett. Though the stock has tanked badly, he is still collecting his 8% dividend from OXY. He is a very smart investor unlike activist Carl Icahn. He increased his stake in OXY and is adamant to change the entire board.
Read article here
At current price, it is too late to short (peak in 2018 was 88, 2019 was 48) and definitely not a buy for me even some analysts are saying to go contrarian.
When in doubt, stay away.....
Note
you see, there is really no need to hurry, right ? 6 weeks have passed since I posted this chart and the price is still moving sideway.....however , it is more optimistic now as the price action shows it is moving to the upper half of the rectangle base it is stuck with. The breakout is imminent, wait for it.Note
Wish I had participated in this 2 years back.......a fantastic 5 fold returns! Congrats to those who longed this stock !
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.