Where is oil headed? I am not a typically contrarian investor. I follow technicals and am willing to
shift my position based on the way the mood shifts in the technicals. My
current charts on OIH and USL is posted below.
Right now the technicals show a downward trend and that we
are at another juncture of support. A breakdown of this support will generate
even lower prices and a better bargain for bottom fishers. I for one like low
oil prices as it means less pain at the pump. It also fuels travel and
business. Without pontifying about the world economy and other matters where
there are enough articles out there on the net, the situation currently on oil
is down. Only question is will it find support or keep going down?
I will consider up only when my technicals change and show
the signal change from down to up and the price is above the Supertrend line..
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