The title of this thread is EVERYONE IS SAYING OIL IS OVERBOUGHT. I did not say it, therefore your thesis is incorrect. I bet there are some others that didn't say it either. I just asked my wife and kids if they said it, and they said no, too.
And now, the reality - until someone can prove these numbers wrong, this is the greatest theft of wealth of the masses in our generation, and government knows it and does nothing. It also makes you believe in some sort of cynister conspiracy theory, no? http://seekingalpha.com/article/78264-commodities-prices-speculation-exposed
Or.................... Oil and gas stay the same; they're just stuff. The dollar loses and loses value down to where you have to pay $67 for a gallon that today costs $4. Nothing is happening to oil: supply remains tight but adequate, no hurricanes, no unusual violence in Nigeria. There's always something (Iran has started stockpiling, maybe because they expect a war or wish to mess with the market), but basically, there is no problem with oil!! The problem is the dollar, IMO.
If you mean an upward trend, well of course its when it falls below its last support level, then attempts to rally, but falls short of its last resistance level, then finally falls again, this time further than the previous support. Then the upward trend is over. Any other "dips" are just noise or opportunities to get long.
Hum. Thanks, Rhino, that was a useful reminder definition. Basics are so important ------ I just read yesterday that an upward trend means higher LOWS, not just higher highs. I guess I was supposed to know that, but I had forgotten --- I immediately started analysing all my charts that way.
Ever heard the expression of " being got over a barrel " ? no - well you have now and its gonna hurt Someone should tell Bush & co. to stop annoying them A-rabs !! Anyone got a spare horse ?