this quote is from the article link below... "Crude oil speculators on the New York Mercantile Exchange cut their net long positions in half last week as prices began to fall, according to CFTC data. Net crude long positions fell to 25,867 in the week to May 27, from 50,060. " http://news.yahoo.com/s/nm/markets_oil_dc;_ylt=AiZWnIEOLHL9wftOipHYlhSAsnsA
5-Days 127.94 20-Days 126.44 CL already under these 2 current MA's...$120.00 price is next, once taken out...watch for more downfall...if closes under $125.00...then $125 becomes resistance and $120.00 support...until $120 brokern through...bearish CL move continues...
look out for endless hurricane rumors as a new way to manipulate the price of the energy complex higher
How can you honestly think oil is going down in the long run? shit it might go down to $25 in the short run who knows, but there is increasing DEMAND and limited SUPPLY. Period. End of discussion.
You could even ignore supply and demand and think about the most logical fundamentals. Oil was what, 30-40 a barrel before war? Let's see, Bush didn't raise taxes for the war, the fed cuts rates like there's no tomorrow (until recently), credit crisis, fed injects billions in liquidity to bail out the banks. Hmm, gee I guess dollars just grow out trees, literally. Or maybe...just maybe...after years of getting beaten down, the dollar is finally getting its ass kicked. And what monetary unit is oil based on? Hmm, Ron Paul just may have point. Time to get the hell out of the US, move to China like Jim Rogers.
Oh and THAT. Who in their right mind would actually think oil is going down long term?? I dont get it.