nahidik

Oil may not be out of the woods yet?

FX:USOIL   Crude Oil (WTI)
6 months ago
There is still the potential for oil             to slip to test or drop below the recent lows. After the big drop we had a stutter step and a retracement followed by another big drop. If price disrespects the 4 hr             trend line look for a retracement. It is not if, but when and how far. While oil             futures are painting a rosy picture price may be being slightly manipulated.
- Iran is back on track and will be pumping out record volume .
- Reserves are at all time records or near enough.
-We are still not using as much as we are producing.
As the higher cost extraction oil             will be shut in we will get to a balance. Then we can see prices rise as reserves fall and equilibrium is restored.
On the other hand as a commodity that can be manipulated there is always the chance that the puppet masters can keep the price inflated.
4 months ago
Comment: I am not saying this is going to happen, rather we should be aware it could happen. We are still producing more oil than we are using (97M bbl consumed/day 101M bbl produced/day). Until this trend reverses price is being manipulated. If the manipulators run out of energy price can tumble.

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nahidik
USOIL (WTI)
nahidik PRO about USOIL 4 months ago
nahidik PRO
6 months ago
Big bounce on lower than expected reserves. However the oil sands in Canada shut down for 3 days due to the huge forest fire. Estimates of 1-1.5 MBD was offline. This production loss is about what the reserve dropped. As these facilities come back on line we will be back to producing more than we use.
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rocky05.ra
4 months ago
Made raising wedge (triangle) pattern daily candle.. targer price around 36
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nahidik PRO rocky05.ra
4 months ago
Thanks for your comment.
There is definitely a level of support around the $36 mark.
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rocky05.ra nahidik
4 months ago
U r welcome.. Noted for support..
And today USDCAD brokeout of contracting triangle, will be rally up.. to build wave3
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