Finally we are getting to the point I was looking for the low in crude is near, as we will soon print the 13 weekly count rather this or the next week with a new low. I rather find it strange what the OPEC does but nevertheless mid Dec is a good tie for crude lows as the refineries have finished their Dec maintenance. As soon as the low is in we should see a rally towards 80 at least. The equivalent to see this happening will be the Dollar to make an interim top but that needs to rise to 90 as a mandatory level and needs at least 3- 4 weeks. Currencies have anyway the tendency with real momentum to close at years extremes. Oil might make the lows earlier though but the move upside will be limited as long as the Dollar has not finished the move - same is true for the Yen.
Monday, December 1, 2008
Crude oil tech outlook
Finally we are getting to the point I was looking for the low in crude is near, as we will soon print the 13 weekly count rather this or the next week with a new low. I rather find it strange what the OPEC does but nevertheless mid Dec is a good tie for crude lows as the refineries have finished their Dec maintenance. As soon as the low is in we should see a rally towards 80 at least. The equivalent to see this happening will be the Dollar to make an interim top but that needs to rise to 90 as a mandatory level and needs at least 3- 4 weeks. Currencies have anyway the tendency with real momentum to close at years extremes. Oil might make the lows earlier though but the move upside will be limited as long as the Dollar has not finished the move - same is true for the Yen.
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