Not a bad looking chart, seems to be holding support and consolidating
http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=0&mn=6&dy=0&id=p36415581310
http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=0&mn=6&dy=0&id=p36415581310
CLX7 Topping Out?
- Thread starter Realist
- Start date
A sudden increase in the cost of shipping oil on tankers may be a sign of additional oil being sold into the market, warned analysts at Deutsche Bank in a research note on Friday.
"In the near term, we believe the crude oil price has entered overbought territory," Deutsche said.
Hmmmm....
"In the near term, we believe the crude oil price has entered overbought territory," Deutsche said.
Hmmmm....
Quote from ASusilovic:
A sudden increase in the cost of shipping oil on tankers may be a sign of additional oil being sold into the market, warned analysts at Deutsche Bank in a research note on Friday.
"In the near term, we believe the crude oil price has entered overbought territory," Deutsche said.
Hmmmm....
The charts tell all...
DCC on USO signals big down dead ahead imo...
In terms of TA, this is worth considering:
http://www.chartpatterns.com/headandshoulders.htm
About the oil tankers, there is no question that if the US economy drops, they will consume less oil and the rest of the world will consume more.
The bottom line is how much. Personally, I believe we're headed into winter and so is most of the developed world. Unless Australia sucks every last barrel dry, the season will slow demand. TA also indicates this, history indicates this, current prices indicate this, inventory reports indicate this. It's a reasonable assumption at this point, imho.
http://www.chartpatterns.com/headandshoulders.htm
About the oil tankers, there is no question that if the US economy drops, they will consume less oil and the rest of the world will consume more.
The bottom line is how much. Personally, I believe we're headed into winter and so is most of the developed world. Unless Australia sucks every last barrel dry, the season will slow demand. TA also indicates this, history indicates this, current prices indicate this, inventory reports indicate this. It's a reasonable assumption at this point, imho.
I'm out of this trade at a slight profit today. just enforcing a personal trading rule regarding price breaks and the expected time window has passed now so on to the next trade. Could still see lower crude prices by 10/22 but short side risk has increased due to prolonged weakness in the USDX imo...
Still way too early to consider even a medium-term short on oil!! JMHO.
lol torontotrader,
nice of you to mention that just as oil approaches an all-time high
all i can say is wow. The market says I'm wrong, but I still have to hold my sentiment.
Not to be stubborn, I just don't see the fundamentals to support these prices going into winter. Open to suggestions here.
nice of you to mention that just as oil approaches an all-time high
all i can say is wow. The market says I'm wrong, but I still have to hold my sentiment.
Not to be stubborn, I just don't see the fundamentals to support these prices going into winter. Open to suggestions here.
My BIGGEST problem too is bias. I believe the market SHOULD do such and such. But we MUST follow what the market IS doing.
Quote from jjgallow:
lol torontotrader,
nice of you to mention that just as oil approaches an all-time high
all i can say is wow. The market says I'm wrong, but I still have to hold my sentiment.
Not to be stubborn, I just don't see the fundamentals to support these prices going into winter. Open to suggestions here.