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.

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

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 $132.64 as shown by the blue line below.
[web]http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&b=4&g=0&id=p89543226045[/web]

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

$136.10 look at it go.

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

$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?

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.

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.

That sounds like a bottom signal to me! Be assured it won't take months!

I think I'll go buy an SUV to celebrate!

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?

The 20dma broke as it has with most of the crude pullbacks. The support line on my chart is currently at $133.50. That's pretty close to your 40dma.

Good. Let's have more of this kind of talk. $50 oil, $60 oil. Let's have the Lynches and Yergins of the world do their stuff. And then, blam!
The market likes to turn just as people are looking the other way.

Yeah, maybe I'll cancel my Civic Hybrid order and join the waiting list for a HondaJet instead!


Riiiiiiight

Welcome back to $138 oil.