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Good News in the Battle against Inflation?

Luckyone

Luckyone

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Below is my chart evaluation for Oil this week. It could be good news for inflation, if and when Oil closes below 83.76 next Friday. By the same token, it does suggest that this week, gasoline prices may drop a bit more. :)

OIL generated a negative reversal week, having made a new 4-week intraweek high and then going below the previous week’s low and closing red. Oil made a new 7-month weekly closing low and in the process, generated a new sell signal, having closed below the 7-month weekly closing low at 89.01, which was created 6-weeks ago. Oil closed near the low of the week and further downside below last week’s low at 86.00 is likely to occur this week. There is intraweek support at 85.73 but with the negative reversal seen, as well as there being no fundamental news likely to come out this week, the chart strongly suggests that low will be broken “this week”. On an intraweek basis and below 85.73, there is no intraweek support found until 84.05 is reached. Below that, there is further intraweek support at 81.07. On a weekly closing basis though, there is important and likely midterm pivotal support at 83.76, given that was the pivotal high weekly close that when broken, Oil rallied up to 130.50 in a straight up manner over a period of 7 weeks. A retest of that level is now a highly likely event. On the opposite side of the coin, if 83.76 holds up, a rally back up to around the $105-$108 level could be seen before the end of the year.
 
Luckyone said:
Below is my chart evaluation for Oil this week. It could be good news for inflation, if and when Oil closes below 83.76 next Friday. By the same token, it does suggest that this week, gasoline prices may drop a bit more. :)

OIL generated a negative reversal week, having made a new 4-week intraweek high and then going below the previous week’s low and closing red. Oil made a new 7-month weekly closing low and in the process, generated a new sell signal, having closed below the 7-month weekly closing low at 89.01, which was created 6-weeks ago. Oil closed near the low of the week and further downside below last week’s low at 86.00 is likely to occur this week. There is intraweek support at 85.73 but with the negative reversal seen, as well as there being no fundamental news likely to come out this week, the chart strongly suggests that low will be broken “this week”. On an intraweek basis and below 85.73, there is no intraweek support found until 84.05 is reached. Below that, there is further intraweek support at 81.07. On a weekly closing basis though, there is important and likely midterm pivotal support at 83.76, given that was the pivotal high weekly close that when broken, Oil rallied up to 130.50 in a straight up manner over a period of 7 weeks. A retest of that level is now a highly likely event. On the opposite side of the coin, if 83.76 holds up, a rally back up to around the $105-$108 level could be seen before the end of the year.
Click to expand...


Who gives a shit about oil when seniors are returning to work just to pay bills.
 
Luckyone said:
Below is my chart evaluation for Oil this week. It could be good news for inflation, if and when Oil closes below 83.76 next Friday. By the same token, it does suggest that this week, gasoline prices may drop a bit more. :)

OIL generated a negative reversal week, having made a new 4-week intraweek high and then going below the previous week’s low and closing red. Oil made a new 7-month weekly closing low and in the process, generated a new sell signal, having closed below the 7-month weekly closing low at 89.01, which was created 6-weeks ago. Oil closed near the low of the week and further downside below last week’s low at 86.00 is likely to occur this week. There is intraweek support at 85.73 but with the negative reversal seen, as well as there being no fundamental news likely to come out this week, the chart strongly suggests that low will be broken “this week”. On an intraweek basis and below 85.73, there is no intraweek support found until 84.05 is reached. Below that, there is further intraweek support at 81.07. On a weekly closing basis though, there is important and likely midterm pivotal support at 83.76, given that was the pivotal high weekly close that when broken, Oil rallied up to 130.50 in a straight up manner over a period of 7 weeks. A retest of that level is now a highly likely event. On the opposite side of the coin, if 83.76 holds up, a rally back up to around the $105-$108 level could be seen before the end of the year.
Click to expand...
Reducing the price of oil by promoting a reduction in demand is a bad way to combat inflation. Not only is it restrictive toward people's behavior, it will punish producers of consumer goods and producers of raw materials and products that make up those consumer goods. When you punish producers you end up with a drop in GDP and increased unemployment.

Ignore it if you wish, but the other shoe WILL drop.
 
RetiredUSN said:
Who gives a shit about oil when seniors are returning to work just to pay bills.
Click to expand...

And just like that, righties pretend not to care about gas prices. :LOL:
 
Phys251 said:
And just like that, righties pretend not to care about gas prices. :LOL:
Click to expand...

I'll say one thing............you continue to post the most inane shit with incredible consistency. :ROFLMAO:

Go back to the 1980's measurements on inflation and the US is currently at about 15%.

Why do you hate seniors so much since you want the play the "inane" game?
 
RetiredUSN said:
I'll say one thing............you continue to post the most inane shit with incredible consistency. :ROFLMAO:

Go back to the 1980's measurements on inflation and the US is currently at about 15%.

Why do you hate seniors so much since you want the play the "inane" game?
Click to expand...

Your ad homs don't refute my point. Nice try though. :)
 
RetiredUSN said:
Your point is like a dull pencil.
Click to expand...

^ Another useless post. Would you like to refute the fact that you've suddenly stopped caring about gas prices? Or would you prefer to keep bleating?
 
RetiredUSN said:
Who gives a shit about oil when seniors are returning to work just to pay bills.
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???

Lower Oil cost bring down inflation, meaning that seniors will be able to better pay their bills. Is that so hard to understand?
 
RetiredUSN said:
I'll say one thing............you continue to post the most inane shit with incredible consistency. :ROFLMAO:

Go back to the 1980's measurements on inflation and the US is currently at about 15%.

Why do you hate seniors so much since you want the play the "inane" game?
Click to expand...
Inflation is presently at 8.5% and in 1980 it got up as high as 13%

BTW inflation is Europe is at 8.9% and in the UK, it is at 18%. We must consider ourselves lucky we have an administration that is keeping inflation below what the rest of the world has.

Blame the pandemic and Russia for what is happening. Wise up and use your brain (for once).
 
Mycroft said:
Reducing the price of oil by promoting a reduction in demand is a bad way to combat inflation. Not only is it restrictive toward people's behavior, it will punish producers of consumer goods and producers of raw materials and products that make up those consumer goods. When you punish producers you end up with a drop in GDP and increased unemployment.

Ignore it if you wish, but the other shoe WILL drop.
Click to expand...
Mycroft, do you ever look past your own nose?

The reduction in the price of Oil, while green energy use is increasing at a higher rate, is great news (not bad news). You know, lower the demand for dirty oil and increase demand for clean energy. You have a problem with that?
 
Luckyone said:
???

Lower Oil cost bring down inflation, meaning that seniors will be able to better pay their bills. Is that so hard to understand?
Click to expand...

Lower oil cost will NOT meaningfully bring down inflation. You probably know better than that.
 
washunut said:
Lower oil cost will NOT meaningfully bring down inflation. You probably know better than that.
Click to expand...
I do know that. Nonetheless, the key word in your post is "meaningful". Lower oil costs will bring inflation down "somewhat". You probably know better than that, right?
 
Luckyone said:
Mycroft, do you ever look past your own nose?

The reduction in the price of Oil, while green energy use is increasing at a higher rate, is great news (not bad news). You know, lower the demand for dirty oil and increase demand for clean energy. You have a problem with that?
Click to expand...
Since the world runs on oil...not "green energy"...making the price of oil more than it should be just to make green energy relatively attractive is a big mistake and it does nothing but make people suffer.

And yes...I DO have a problem with the government making people suffer.
 
Mycroft said:
Since the world runs on oil...not "green energy"...making the price of oil more than it should be just to make green energy relatively attractive is a big mistake and it does nothing but make people suffer.

And yes...I DO have a problem with the government making people suffer.
Click to expand...
Fact of life: Suffering is normal. There is not a single person that has not suffered in some way during their lives. In addition, pain is what teaches us lessons that help us become better people, meaning that suffering can be a positive thing.

As far as your comment about green energy and dirty oil. The fact remains that our planet is suffering from the effects of burning oil and that kind of suffering is not good as it will not help or teach us anything.

We need to always look for better and healthier ways as clean energy will make this planet live (exist) longer while Oil is making this planet a worse place to live. This is all FACT and not opinion.

Then again, fact was never your strong suit. You just want what you want and screw everyone else. Sad but true. Your words suggest that you are a very selfish individual.
 
Luckyone said:
Fact of life: Suffering is normal.
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The People's government causing that suffering is not "normal". That is a BAD government.
 
Luckyone said:
Inflation is presently at 8.5% and in 1980 it got up as high as 13%

BTW inflation is Europe is at 8.9% and in the UK, it is at 18%. We must consider ourselves lucky we have an administration that is keeping inflation below what the rest of the world has.

Blame the pandemic and Russia for what is happening. Wise up and use your brain (for once).
Click to expand...

You Liberals never accept blame for your failed actions..

Inflation was just a speed bump you all said and then you all decided to redefine what a recession is.

Paying people to stay home and causing massive workers shortages while spending 1.9 trillion and overheating the economy.

YUP! :rolleyes:
 
Mycroft said:
Since the world runs on oil...not "green energy"...making the price of oil more than it should be just to make green energy relatively attractive is a big mistake and it does nothing but make people suffer.

And yes...I DO have a problem with the government making people suffer.
Click to expand...

The Saudi Govt has announced their plans to get off oil, but yea you know more.
 
RetiredUSN said:
Who gives a shit about oil when seniors are returning to work just to pay bills.
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This senior is doing fine, as is my partner and all the other seniors in my family. As a matter of fact we have a reunion coming up in a couple weeks at a beachfront house in murrells inlet. Fun, food, family, golf.

Yeah the gop cares so much about seniors they will try again to kill social security and medicare, it's their way of saying 'we care'.
 
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