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Impact of delta varient/ failed OPEC talks on energy markets?

I noticed increased volume and price recorrecrion in leveraged bearish Energy etfs like HOD, HND, DRIP, ERY. Do you think it’s an overreaction to OPEC talks or possible wider trend?

If you look at the 1 day candle with 10/30/200 ma the 10 seems to be crossing the 30 with the 200 closing in from its massive downtrend. Id love to get the opinion of someone who has a better understanding of technicals. These babies tend to skyrocket whenever oil tanks and there’s already talks of releasing more supply.
https://www.reuters.com/world/middle-east/oil-rises-further-hopes-tighter-supply-opec-talks-abandoned-2021-07-06/

Factor in the potential for more lockdowns worldwide brought on by the delta variant.

https://www.marketwatch.com/story/spread-of-delta-variant-upends-governments-plans-for-lockdown-exits-11625659464

I’d like to get the apes thoughts. To me this looks like a greasy trade.

How would you play this?

What do you think?

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5 Comments

  1. U silly boy, oil doesn’t give half a shit about charts, doing TA on it is like asking a group of super wealthy oil producing nations to agree on how hard they want to fuck the rest of the world over and for how long. Because it is a rigged system and the definition of market manipulation and price fixing. You can look at charts all you want, but until those fuckers come up with a schedule they all agree on, shits gonna fly up and down like you wouldnt believe.

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Dogecoin’s community feels weaker and I’m sad.