Oil going to fail resistance, 60% chance

Discussion in 'Commodity Futures' started by thehangingman, Jan 8, 2007.

  1. Im shaking. Oil is going to fail resistance, its a 60% chance now. No emergency OPEC meeting, then it goes to 50 dollars which is next point of possible resistance...
  2. fear, greed, and hedge funds... these guys pay up late and panic out late.... oil is gonna get even uglier methinks
  3. There was huge volume the last 30 minutes. Im hoping this is just manipulation to shake the weak hands. The chart looks like a waterfall selloff from 57.50. Its lost nearly a buck fifty in an hour...
  4. 50 cents more and we hit huge stop-loss orders taking it down to 50 dollars or less.
  5. Surdo


    Do you mean support?
  6. This is what I am looking at. Notice the huge volume last hour came in from nowhere on no news.
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  7. it almost looks like 1 big player is trying to move the market down to trigger the 'cascading stop' effect.

    everyone is expecting there to be a trigger point that will start the selloffs of selloffs to the next leg down. i wonder if there actually is ... never know - the market's -big- stops may have moved down to 50-53 already.

    remember one more thing - every time a rush to kill stops occurs, it drives the avg cost basis lower on longs re-entering at lower levels... support thickens, of course until news hits. :)
  8. I cant look. Now its a small dead cat bounce and I can see an imaginary down arrow at the end of that line. There she goes. See you later 55 bucks...
  9. Surdo


    FYI a Sell signal went off at $57.50 that some big player took.
    Look on Bloomberg if you want to know which indicator triggered a sale.

    No clue where the bottom is, I do not pick them!
  10. I have a clue. However, Im afraid that if I type it out that it might come true.

    #10     Jan 8, 2007