Oil may not be out of the woods yet?

FX:USOIL   Crude Oil (WTI)
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.
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.
Made raising wedge (triangle) pattern daily candle.. targer price around 36
nahidik PRO rocky05.ra
Thanks for your comment.
There is definitely a level of support around the $36 mark.
rocky05.ra nahidik
U r welcome.. Noted for support..
And today USDCAD brokeout of contracting triangle, will be rally up.. to build wave3
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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