Oil prediction

Discussion in 'Commodity Futures' started by peilthetraveler, Jun 5, 2009.

  1. I'm usually terrible at predicting oil, but I want to see if i can call this one based on what my charts are telling me. I'm predicting 72$ oil by Tuesday June 9. Oil is about 68.50 as we speak right now.

    As long as we dont see any more strength in the dollar (oh i hope we dont) We will see 72$ oil on Tuesday.
  2. i'm looking for just short of 74 before this thing turns, basis the N
  3. 74 by tuesday? I think that will only happen if the dollar declines back to where it was on monday.
  4. The US Dollar is bottoming, no way are we bidding 74 CL anytime soon without a weaker USD or wait... possibly with a jobs report more doctored than todays. Also take notice that this is the timing window for seasonal reversals.
    - Reversals higher in the US Dollar
    - Reversals lower in energy and equities
    The now completed weekly candlestick in the US Dollar is a very bullish hammer bottom with bullish RSI divergence from the successful test of the .618 retracement of the entire March 08 to March 09 advance. And this reversal higher has occurred in the seasonal reversal window. Take notice...
  5. I had charted that same Fib on the weekly as well, we became negative on crude when it kissed. Too many in the inflation trade, I still think we risk further deflation, all the printed dollars are trapped within the institutions and there is also little demand for credit anyway. No velocity of newly minted $$$, no inflation.
  6. agreed
  7. Illum


    Key reversal on Fri? New high closed down. Not saying she cant spring back, but looks pretty bearish.
  8. I think Oil topped @ 70.

    We are due for a pull back to the low 60s
  9. kxvid


    I think your right.
  10. usman88


    never going to happen
    we touch 75 BEFORE we touch 65
    #10     Jun 8, 2009