Posted by hamvestor on 18th of Mar 2015 at 06:27 pm
Interesting comment on possibility of oil having bottomed this
week. I'll have to see it to believe it.
"Strong price action on seemingly negative news such as record
crude inventories is characteristic of a climactic bottoming event.
Only time will tell if this turns out to the case, however, the
scenario of a marginal new low at $42.41 followed by a violent
upside reversal meets all the criteria of an intermediate/long term
market bottom.
Extreme bearish sentiment and bullish seasonality add weight to
the case for a major market bottom in crude. A move back above key
support/resistance near $48 would go a long way toward confirming
that $42.41 will hold up as the low for some time to come"
Oil bottom?
Posted by hamvestor on 18th of Mar 2015 at 06:27 pm
Interesting comment on possibility of oil having bottomed this week. I'll have to see it to believe it.
"Strong price action on seemingly negative news such as record crude inventories is characteristic of a climactic bottoming event. Only time will tell if this turns out to the case, however, the scenario of a marginal new low at $42.41 followed by a violent upside reversal meets all the criteria of an intermediate/long term market bottom.
Extreme bearish sentiment and bullish seasonality add weight to the case for a major market bottom in crude. A move back above key support/resistance near $48 would go a long way toward confirming that $42.41 will hold up as the low for some time to come"
http://ceo.ca/2015/03/18/a-climactic-bottoming-event-in-crude-oil/
Careful calling bottom in oil.
Posted by tmoney2555 on 19th of Mar 2015 at 12:16 am
Careful calling bottom in oil. I would not ignore the inventory data.
need to understand contango
Posted by wowten on 18th of Mar 2015 at 07:44 pm
http://www.zerohedge.com/news/2015-03-11/oil-etf-slides-hard-contango-tangle