They aren’t the leader you might have assumed:

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They aren’t the leader you might have assumed:

All of which goes on to explain why the air quality in China and India is so gross:

In my last post on oil on Tuesday 3rd March I was laying out the very bullish scenario on oil that had been forming since a series of falling wedges from the 2022 highs on light crude, heating oil and gasoline broke up in June 2025.
The large bottoming patterns on heating oil and gasoline had already started to break up when I wrote that post, and by Sunday night the double bottom on light crude had also broken up, and all of those bottoming patterns had reached target. So what now?
Well, I’ve been doing a lot of reading on the Iran conflict over the last few days, and it’s hard to say how long this war might last.
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For as many decades as I’ve been doing this charting stuff, it still amazes me. Take the oil chart USO below, for example. The simple trendline goes back for a full decade, and yet it quite accurately predicted a reversal point for the bonkers crude oil rally on Monday. If it keeps falling, watch for support at the horizontal:
