20 reasons why Oil to NEVER hit $135.00 again...dated: May 22, 2008

Quote from JSSPMK:

Increase, experience teaches us that there is no such word as never/ever when it comes to price oscillation cycles especially so when price has already been there, I wouldn't even argue about it if I were you as you wouldn't make a statement like that with a fully loaded gun next to your loaf, would you now?

As far as rational conversation is concerned I offer my analyses in a form of just a chart, this is a daily chart which now depicts a triple divergence which does point to at least a retrace, that is in the face of a still bullish weekly chart, hence I would say a retracement at this point, for a complete turnaround it would not be unreasonable to expect a double top formation to squeeze traders coming in on a weakening price action here, that's why I use small stops & let big players shake/squeeze each other, no need to have massive stops as your bias just might be wrong & CL is a rather big contract.

To underline, ImPO a target of 115 is based on average retrace range of the formed divergence & if this is the turnaround time then expect some sort of news as well, as charts show interest distribution before news hit the wire more often than not.

Best to all!



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Thanks for posting that chart. Speaks volumes. Feels to me that oil has topped....imho
 
It will be higher next year but I would not be shocked if it went lower now. I think we will have to cry at the pump longer before we get a real reversal. China and India are growing fast.
 
Everyone keeps talking the same BS, "China & India, blah blah blah". If China and India eliminate their import subsidy, then they will have to pay $4 a gallon like we are. These countries have per capita incomes of 25% of ours, so how will they afford the gas? Michael Masters has proven this is all speculation. The Libyan oil minister laughed and said these prices are nuts, there is no more demand than last year, and plenty of supply. STOP LISTENING TO GOLDMAN SUCKS, etc. I think all the recent calls of $200, $500, $140 etc. are all bagholder "buy" barking, so they can dump!!!

Oil is going to $50 and staying there for years!!
 
The US has one of the Cheapest gasoline rates in the world.
look at this table

1. Eritrea $9.58
2. Norway $8.73
3. United Kingdom $8.38
4. Netherlands $8.37
5. Monaco $8.31
6. Iceland $8.28
7. Belgium $8.22
8. France $8.07
9. Germany $7.86
10. Portugal $7.84
108. United States $3.45

Where gasoline is cheapest

Rank Country Price/gal
1. Venezuela 12 cents
2. Iran 40 cents
3. Saudi Arabia 45 cents
4. Libya 50 cents
5. Swaziland 54 cents
6. Qatar 73 cents
7. Bahrain 81 cents
8. Egypt 89 cents
9. Kuwait 90 cents
10. Seychelles 98 cents
44. United States $3.45

BTW: Increasenow, supebr call!!!
 
Its Friday May 30th 10:49 PM New York Time...

The 5 and 20 day CL moving averages are providing support and resistance..watch for breakthroughs of either...but...I remain bearish Oil...

5-Days 129.21
20-Days 125.94
 
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