I've been very bullish on oil for the past year.
Knowing the fundamentals can always cloud my judgement from reading the tape. Still...supply and demand in the market looks bullish, while more and more people are noticing that OPEC spare capacity may not be as robust as they claim.
Less and less CAPEX is going into oil and gas.
All of this looks very bullish long term.
But the chart looks terrible! That cannot be denied.
Friday we sliced through some very important technical levels (100 EMA and 200 SMA). I was able to say that was an anomaly considering the low volume the day after Thanksgiving.
But now all technicals look to be breaking down. Unless oil gets back above $73 after OPEC this week...I have to read what is in front of me and say we are in a new market dynamic.
Knowing the fundamentals can always cloud my judgement from reading the tape. Still...supply and demand in the market looks bullish, while more and more people are noticing that OPEC spare capacity may not be as robust as they claim.
Less and less CAPEX is going into oil and gas.
All of this looks very bullish long term.
But the chart looks terrible! That cannot be denied.
Friday we sliced through some very important technical levels (100 EMA and 200 SMA). I was able to say that was an anomaly considering the low volume the day after Thanksgiving.
But now all technicals look to be breaking down. Unless oil gets back above $73 after OPEC this week...I have to read what is in front of me and say we are in a new market dynamic.