Some of the things I look for are starting to show up for a larger bear market correction in crude. Firts off is the impressive collapse of the prompt spreads over the last 2 days. Yesterday the Feb contract rolled off, and that spread moved back in nearly $4 for the session. To have the first day of march going prompt and get march/april to contract over $1.50 more is interesting to say the least. Also, we have bounced twice off of a long term support line dating back 10 years ago (late 98' low to the late 01' low). We are currently starting to run over some moving avg's. The first test will be to get a close above $50. If so I have targets for the move to $67, $74.50, and $76.20. The fundamentals have not changed, this is a technical/oversold market correction at this point.
i was wondering what you were thinking about all this papa, i was watching those spreads bounce back with a vengeance. Impressive to say the least, h/u was insane. What do you make of all this, any thoughts on NG??
i need to see 39.26 tested 6x and hold each time before im convinced the bottom is in. The real lack of demmand is nowhere clsoe to as low as oil has gone, since 80% of people havent stopped all petrol use, its more like 10% t 15% max actually less usage in oil. but the short sellers who move the market arent gan let this float back up just yet. we tested n held 39.26 1x, 5x more and bottom is in