Another Record ($147.27)

lowem · Posted: Mon Jul 07, 2008 9:24 am Post subject: Re: Another Record ($145.85)

Back to $140 support.

Crude oil tumbles. Peak Oil is cancelled. Laughing

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Sketh · Tar Sands Joined: Jul 02, 2005 Posts: 60

lowem · Posted: Mon Jul 07, 2008 10:14 am Post subject: Re: Another Record ($145.85)

Sketh · Tar Sands Joined: Jul 02, 2005 Posts: 60

Sys1 · Intermediate Crude Joined: Feb 25, 2005 Posts: 682

I would like to see oil getting down to 90 something $ a barrel. A this time, I would put at least 60% of my bank account on oil for the next rally to 200.

Dan1195 · Heavy Crude Joined: Mar 19, 2005 Posts: 277

Probably a pullback to 40 dma. Not sure where that is at the moment, I am guessing 130-135.

chuck6877 · Intermediate Crude Joined: May 16, 2005 Posts: 532

I was thinking the same thing about it going to the 40 day moving average which the oil price has been above since early February. It's currently at $132.64 as shown by the blue line below.

If we go below the blue 40dma we could witness the major correction a lot of us have been expecting back to the red 200 day moving average. I don't see it correcting there until after the summer though and only very, very briefly........

I just edited this to add the 20 day moving average as seen in green. Smallpoxgirl you always mention this average and it was support throughout that last consolidation and may be support now before we run up to $150....

Chuck

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6458

$136.10 look at it go.
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lowem · Posted: Tue Jul 08, 2008 9:04 am Post subject: Re: Another Record ($145.85)

Crude oil tumbles, collapses, falls off the cliff, is headed back to $50 by this time next year, goes out of fashion as a fuel of choice :

$135.82
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lowem · Posted: Tue Jul 08, 2008 9:15 am Post subject: Re: Another Record ($145.85)

$135.23

Here's the part where we do the $10 swings in the downward direction. Let's have some $50 oil predictions from the media, shall we?
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eastbay · Posted: Tue Jul 08, 2008 9:16 am Post subject: Re: Another Record ($145.85)

10%, 20%, 30% and larger temporary corrections will not be uncommon as we ratchet our way deep into triple digit oil prices. What we've seen in the past few days is a 6% correction so far. There may be quite a ways more to go, but it'll soon go back up.
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kilik · Tar Sands Joined: Dec 13, 2007 Posts: 22 Location: Norway

A small $30 correction I would guess. Then when everyone think we'll going back to "normal" prices again it will rise to $160 within a few months.

sjn · Posted: Tue Jul 08, 2008 9:53 am Post subject: Re: Another Record ($145.85)

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6458

chuck6877 · Intermediate Crude Joined: May 16, 2005 Posts: 532

If this stays above the 40 day moving average there's nothing to worry about. If we go very far below $132.64 and close below it then look out below. We could see as a low something between $100-$115 if we go below the 40 dma over the next month or so.....

Oh and Lowem this gentleman thinks $60 easily sometime in the beginning of next year!!!:
Jul 07-- The Outlook for Inflation and the Likelihood of $60 Oil- Hussman Funds

I take it he doesn't believe there's a supply and demand problem? Smile