After trading as high as $73 a barrel, crude oil began to buckle under pressure as the CFTC began to look into position limits that can be held by traders.
What’s happening now is giving speculation a bad name. Speculators form a very important task in assuming risk that is being transferred from either a producer or an end user. Without this transfer of risk, which couldn’t take place without the speculator taking the other side of the trade, prices would be artificial at best. This approach has worked for hundreds of years and over a century here in the US.
Now back to crude oil....
In my new video you will see what has happened to crude oil in the last eight days. You’ll will also see what I believe will be the area that crude oil will find support.
You can watch this video with my compliments and there is no registration requirements. I would love to get your feedback about this video so please feel free to leave a comment and let our readers know what you think.
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1 comment:
Many thanks for your video. I really hope that your theory is right and 59.50 will be the bouncing back point as i opened long at 70.00 before double top appeared(based on Elliot theory, if you ignore the last 7 days, the moving from mid March was supposed to make the 5th top, which i estimated at around 81 with support at 66.20). At the moment I would realistically expect the 66.20 level now to be reached from the bottom as 1st resistance during next week
Thanks again
Best
Oksana
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