Oil is most likely going to 75-85 per barrel. Trust the chart, what does this chart tell you? http://stockcharts.com/h-sc/ui?s=$WTIC&p=W&b=5&g=0&id=p99063570266 It tells me there was a bearish downtrend over the summer. In looking at the events around the downturn, we can surmise that there was an expectation of hurricanes that did not materialize. Secondly, the geo-political news, i.e. Iran, was getting old and didnt seem to have the same effect as before. You also had large hedge funds selling their energy portfolios and getting into other equities like tech. Goldman had been selling theirs right up until the election possibly to help out the Republicans. There were also other factors such as Bush stopped filling the SPR. The pivot point was 57 dollars and it appears to be heading up to the 50 week moving average. The 50 week could be the ceiling. If it goes through the 50 week, then I am willing to be that the 50 week will become the new ceiling once again. From about 67 dollars, then it will turn up. Within 6 months, we might be touching 100 dollar oil.
So I was wrong before. But I'm not wrong now. Long Oil!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Oil will be up $3 at close of business Monday. Long oil @ open. Long oil!
Only for the length of this contract (CLH07) if that. The oil is bull is dead!! Oil will reach the high $30's before touching $80...But, Good luck.