agonresearch
Long

$CL_F time to buy oil ahead of OPEC meeting ?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
254 3 1
RSI is showing an interesting divergence. OPEC meeting might surprise to the upside. Worth a shot at these levels.
glennjoy1 PRO
a year ago
agonresearch you could be right saying it's a buying opportunity but let’s look at it from a fundamental point of view. Who wants to cut production? Probably Saudi Arabia and the gulf countries, maybe not Russia (it needs this cash cow) and the wild card is Iran. It has had about 50% of its market share removed by sanctions, once these are removed what would you do? Ramp up production to get market share back right? And OK what about the US? I think a lot of people are surprised that the US has fared so well with oil prices so low. So how come? One word…
“efficiency”. The cost of producing oil in the US is getting way more efficient.
So where does that leave the trend in prices? Basically suppressed! And the goal is not to cut production BUT to cut costs OR to take advantage of your abundant savings if you have them (ie Arab states) and continue on producing.
IRAN is coming back to the table and guess what? It wants customers! I won't say where the price of oil is going but if it is going up I am going to lose!
snapshot
Price to watch a break below 40 which holds!
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glennjoy1 PRO glennjoy1
a year ago
Having said that I am bearish in the medium term I have in fact just now made a short term bullish play. On the intraday basis this might work!
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glennjoy1 PRO glennjoy1
a year ago
Moved stop to break even and profit stop to 41.60 (trade closed)
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