CL1!
Previously suggested that crude oil would see $38 when we saw price slide in Q4 '18.
I still anticipate this happening especially after this false rally up to $63 or even another push up to $68.
Anything above $69/70, tells me the LO's are in and I would revise the forecast. In other words, we stay under $69/70 and I would expect to see sub-$40 oil.
Previously suggested that crude oil would see $38 when we saw price slide in Q4 '18.
I still anticipate this happening especially after this false rally up to $63 or even another push up to $68.
Anything above $69/70, tells me the LO's are in and I would revise the forecast. In other words, we stay under $69/70 and I would expect to see sub-$40 oil.
Comment:
So we saw the push up from my previous note. This is an area ($61) where we could now see the reversal back down to retest the pivot LO @ $50 .. and maybe the ultimate push down towards $40 and below.
Suggested one more possible push to the upside from this original posting, but not to exceed $69 and then a switch to the downside for the foreseeable future, down towards sub-$40 prices. Halfway there...