Temporary Short For USOIL

FX:USOIL   CFDs on Crude Oil (WTI)
926 8
Temporary Short For USOIL: Blue Line Or Green Zone.
Comment: Just nicely hit 45.37 then drop a little.
Read that in another forum: "I want to add the following observation. The WTI or Brent prices unlikely to go past $51.42 due to the fact that the high price above $51 will encourage the Shale Oil Rigs to be setup to produce Shale Oil that the Opec will want to see Shale Producers go bankrupt. It cost about $50 to produce a barrel of Shale oil but the Opec people can pump the crude oil at about $23. a barrel. This is not to say it definitely will not go up but any higher price is usually short live. This range will give us a lot of trades. The Saudis are very poor too as they cannot pay a lot of their business partners."
+1 Reply
LeoYao KaQing
Thanks for sharing
KaQing LeoYao
You're welcome :)
Thank you for your setup, Leo. It seems to be very realistic. Just don't you think that 5th wave could complete a little higher as you predict, f.e. in 62-64 area?
LeoYao FreshOilTrader
Hi,yes potential will be higher. That 5 wave is just a illustration purpose, not exactly where it may stop rallying.
Why do you label it as a 5 wave I see an abc
LeoYao felix997
It's in another idea, potential long term move for oil
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