This chart is not threatening. Not yet.
The headlines are that oil goes higher. There are a host of reasons. Just like there are a host of reasons that oil is used.
The problem is the pundits are not discussing the Western Cartel. They are not talking the price of Russian oil to India and China.
Many are saying there are no tools to lower the price of oil. That is plain stupid. The Western Cartel is more powerful than OPEC. There is no reason on earth that can prop up prices if the Western Cartel dictates otherwise. Meaning even big shortages of oil would not prop up the price of oil. This is not a free market.
Buyer beware. The MAs are moving down. It will take a lot to change those trends.
Why would the pundits tell you oil will go higher? Are you really that innocent? Where have you been?