Thread by @i_am_jackis

🧵Macro prediction for #OIL

Everyone in the world currently has a stressful moment visiting gas stations, they'll be delighted to hear, that for a few months forward this situation will get better as $OIL will be getting cheaper

However that will only apply for a while 👇

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After the covid crash across global markets, we've seen some unprecedented printing that has sent the prices of assets to big highs, Oils included.

Oil is slightly lagging behind the rest of the commodities but we can expect the correlation to follow others

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Here we have #Copper & #Oil merged together, we can see the correlation being very effective & while most commodities have already pulled back to retest their previous support areas, Oil is yet to do so

It is merely lagging & stayed strong due to the war in Ukraine. For now.

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Note:

I have already written a huge thread on how commodities correlate with each other, including #Bitcoin.

If you wanna know more on that, read below

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https://twitter.com/i_am_jackis/status/1543942724864417793

If we simply look at the TA perspective, It has run from nearly zero to nearly new ATHs in just two years.

It has touched a prior untested resistance while taking a good chunk of liquidity which has been very well absorbed for the past months

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My estimate is that we are gonna retest the breaker point aka untested support this time around 77$

That will give a relief bounce down for many people as Gas prices have been really high this year

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Price tends to test its prior supports and we have a Monthly area of interest sitting in the blue zone below

From a Daily standpoint, the price has already entered a Bear Market in the Daily timeframe.

The same thing that has happened on #SPX prior to sell-off

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We have been held by the green zone support for a while as we have entered the distribution area, the same way, #Silver & #Copper has before the breakdown

And my estimate is, we gonna see the same thing here, just lagging

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Here are the distribution phases for #Copper & #Silver

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However after the breakdown happens I expect the price to react at the same area, #Copper is now reacting in.

As we are heading into a decade(s) of global commodity-backed economies I do expect new ATHs to see

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https://twitter.com/i_am_jackis/status/1543942787997073410

Remember, cash is trash and what we are seeing is the last point of the dead cat pump of fiat currencies before they head into their inevitable path of the graveyard, in their current form, with a survival rate of zero, in human history.

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So expect gas prices to get better for the rest of the year, maybe early next one, but expect them to get ridiculously high before this decade ends.

Luckily you can protect yourself and others by moving your savings into scarce stuff

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That will also include other commodities to follow, like #Copper, #Silver, #Bitcoin, #Palladium, and many others.

Which brings opportunities

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I do hope you enjoyed this thread & learned something valuable, something that could improve your life going forward

If you have, consider RT this thread with your friends by helping them as well which ultimately helps all of us. Thank you for taking the time to read it 🙌

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