Viking83
Short

Oil: 40 days

TVC:USOIL   WTI Crude Oil
Targeting 35.6 @ Oct 2nd.
Comment: Oil below 48 is bearish, above 48 bullish.
Comment: https://www.youtube.com/watch?v=55SinKqMv_U
Comment: Lost 48. 47.3 is a strong level too, so might bounce a bit here.
Comment: Still a nice glut hanging over oil. Shale producers have already made their existing investmetns and are getting lower and lower unit costs of production. Dont see any immediate reasons for oil to rally.
Comment: Biggest hurricane ever approaching refineries etc, should send oil to 500 dollars/barrel??
Comment: Still have 12 small dollars to go..
Comment: Bears did a bad job holding bulls away on Friday, I'm not sure if it was hurricanes and falling dollars that made it close in green. However, a weekly close below 48 is comforting for next week shorts.
Comment: I like what Monday has brought so far. Longs being: "But, but... What about Harvey?" Seems Harvey has a problem with winning over the trend :)
Comment: https://www.youtube.com/watch?v=oILmXaOQvMo
Y=3, no5
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hurricane harvey is near but still oil prices manages to stay where they are .... ? you think it will go down further, why is that so?
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Viking83 PRO engrirfansiddiqui
@engrirfansiddiqui, Because of trend and resistance at current levels. I believe in cycles and that the larger scale downtrend is not yet complete.
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@Viking83, but i believe oil is still in almost same level because of the fall in Dollar index today, if dollar index had not fallen then by now oil must have touched $50....
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Viking83 PRO engrirfansiddiqui
@engrirfansiddiqui, If dollar falls, oil should get cheaper, and hence oil should rise. The fact it has NOT risen tells me rather then the contrary.
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@Viking83, sorry man bu that's backwards. When the dollar loses value, it takes more dollars to buy one unit of any commodity.

When the dollar falls, commodities should rise if all other market forces are equal.
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Viking83 PRO TexasTower85
@TexasTower85, That is what I meant "If dollar falls, oil should rise". Because, initial effect would be, seen with foreign eyes, u can get more dollars for your currency, and you can demand more oil. More demand should increase the price of oil in dollars to reflect this. However, it must be said, that since oil now gets more expensive seen with american eyes, it limits their demand somewhat for oil. Total effect depends on net demand from US and non-US residents.
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