What i dont understand is why oil isnt tanking?? Considering that solar and the green movement is taking a world wide recognition. Is this because of the growth of china and india? I understand that point ; however china has been in a slump due to the slump of the world economy and india is a theory; not a non fictional current scenario. I honestly think that with oil reserves being depleted, with the rise of iranian oil on the market, with the world economy in ruins, and to mention with the uncertainty of Britain and the UK's future; we would see oil prices being depreciated; however its being going up. Im just a little confused to the understanding of investors minds.
Hope this helps. http://mam.econoday.com/byshoweventfull.asp?fid=471904&cust=mam&year=2016&lid=0&prev=/byweek.asp#top
Do you now trade in futures market too? or are you trading oil (e.g. Brent listed) listed on your broker?
no im trading in futures. just good old plain stocks. however some of the stocks i trade move in tandem with the oil market.
%% Well, cash clay; dont let the green BP new logo sign [Beyond Petroleum] fool you.I thought[wrongly] oil was tanking to $40, last month, good thing i did not try '' predict '' pull back in an uptrend..... BP[Boone Pickens] said XOM is dead unless they buy something; sounds real tankish, bearish. BUT looks like the oil markets on moving averages took that as buy something.NOT much selling of XOM...... Theyre buying oil+ second line is Boone Pickens twitter comment. Markets can be confusing; moving averages help investors + specs. You are partly right, BP[UK company] is doing much worse than XOM, 10 year charts.....
The above call (8 days ago on June 1st) already touched $44.87 as yesterday's low and $44.77 as today's low for the front month Aug contract. Not too bad!
After reaching below $50 closing at $44.75, now I wouldn't be surprised if it reverses from today and goes up for a few dollars! Likely $48/$49 in 2 weeks.