A sloppy chart but you get the point.
The fact that we have had weekly closes below the decently respected 200MA which only has happened twice the past 20 years (2001, 48%-ish drop and 2008, 52%-ish drop) combined with the dreadful unemployment projections from Goldman Sachs and Bank of America, which both has very good track-records for making these projections makes the current market-level illogical. The pandemic will slow the world down for months, oil-consumption will be way down and on top of that there is way too much of it right now.
This is not the bottom. When we drop out of the 200W containment-zone (1.2 standard deviations) things will move fast towards the 200M MA, and things will bottom out around 1550(previous-highs)-1700 points.
The fact that we have had weekly closes below the decently respected 200MA which only has happened twice the past 20 years (2001, 48%-ish drop and 2008, 52%-ish drop) combined with the dreadful unemployment projections from Goldman Sachs and Bank of America, which both has very good track-records for making these projections makes the current market-level illogical. The pandemic will slow the world down for months, oil-consumption will be way down and on top of that there is way too much of it right now.
This is not the bottom. When we drop out of the 200W containment-zone (1.2 standard deviations) things will move fast towards the 200M MA, and things will bottom out around 1550(previous-highs)-1700 points.