For my portfolio, the prospect of crude oil weakening is probably even more important than what the ES is doing. It’s heartening to see that, so far, crude’s surge into the lower 50s is faltering and we’re painting a bearish reversal pattern on the candlesticks. (NOTE: I actually did this chart earlier in the trading day and crude has slipped even more).
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Crude Reversal Begins
Published 10/12/2015, 11:25 AM
Updated 07/09/2023, 06:31 AM
Crude Reversal Begins
Latest comments
If you short oil Tim it will likely end up just like your stock market short and ****up in your face.. . . Production cutbacks and shale bankruptcies.continue to reduce supply.
US production and inventory are too high. Saudis fighting for market share is a long term goal. I think WTI oil price will stay be low $50 for longer term than we think. If that happens, 20-30% of small oil producers will go bankruptcy. Goldman prediction $20 oil in 2016 may be reachable.
Thanks Tim for updating on the trend reversal.
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