Authored by Tom Luongo via Gold, Goats, 'n Guns blog,
This is the only chart that matters right now…not borrowing costs(@lukegromen).
It’s the weekly chart of Brent Crude.
I’ve been telling my patrons for three weeks in the Market Reports that the Brent Crude chart hasall the earmarks of a market being manipulated UP to support a narrative…
That narrative is DonaldTrump is a madman who broke the world and is losing in Iran.
Look at the chart carefully, you see big gaps between weekly closes and opens. Also, note the tails to the downside versus the wicks to the upside. Tails are much longer than wicks…. telltale signs of a market that has topped but someone is trying to keep reflating it.
Why? Many reasons, from speculations, positions, narrative control, etc. Markets are the sum total of all of these players.
But the reality is that you can only manipulate a market over a short period of time (H/T@armstrongeconomics) unless you control the total pricing system for that market… i.e. central banks and currencies…. and why the gold and silver markets have been manipulated for years.
Oil is a market of immense volatility,with 5-year moving average of its Range/Price topping 7% on a weekly basis, which is in bitcoin territory. It should be the most boring market on the planet, since everyone depends on it. But it isn’t.
It trades like a penny stock on a double espresso. (H/T Dennis Miller).
Source: ZeroHedge News
