Going along the time line for CL 10.00am/2.30pm there are 4 to 8 peaks and correspondingly 4 to 8 troughs per session. It can get down as low as 3 peaks/3 troughs or up to 14 peaks/14 troughs per session. Most commonly you get 7 peaks,7 troughs per session. These peaks/troughs are based on the major intraday swings of 50 points plus. Obviously I keep the datasets of all this.
well I know it did hit it once and everybody let me know it but, wow...it sure has tanked and I really doubt we ever even see $100 again...
i think opecs cut and promise of future cuts has pretty much guaranteed we will see it again and it maybe even worse next time... BUT that next time may be more than a few years away
The price of crude, as in the price of ANY commodity, is in perpetual motion. It will come down and it will go up. $100 or $135 is nothing more than random numbers that one might pull out of their ass. To think that the price will reach some point and remain static is just ignorant. Just recognize it's direction at any given time and trade it in that direction. Why make silly claims looking for bragging rights?
It could be a resistance level or something, but i think there is no way the price of crude STAYS down forever. Even if america gets off of it, other countries will use it, i think crude is only going up in the long term...
As is every market day, Friday was the usual good day (CL - Fri October 31, 2008). Here is how the mo-fo went from open to close: up 110, down 98, up 80, down 141, up 49, down 102, up 190, down 66, up 390 & down 80. The session was slower than some recent ones which have had a big bunch of intraday swings but Fridays session had a lovely sting in the tail. This is the great thing about sequential trading you are on board when the bastard takes off on a rip whether its up or down. Nice. ".. ah bubbling crude.. oil that is .. black gold .. Texas tea"