So typically I post my daily chart on Sunday's but this week I felt like waiting before I posted this with a slightly bullish lean. As you will see though, the turn to the bullish side (not calling this long term or a bottom) was set up extremely well based on the fact that we could not close below 44.20. We had 2 breaks of the level and 2 bounces off of the area.
Finally, we broke the channel with some gusto and appear to have broken above some short term support. Me personally, I am thinking a move back to the 52 area is in the works currently, with even more potential up to the 54 price point.
From there, who knows what will really happen. Getting back up to the 54 area will cut out all the screaming from the oil companies and potentially bring the fundamental argument back into play. Companies are going to keep pumping in the winter.
Just a WAG, but I am thinking we range between 45-54 up until may with a potential break to the upside and trade in the 60's. 2/2/15
Finally, we broke the channel with some gusto and appear to have broken above some short term support. Me personally, I am thinking a move back to the 52 area is in the works currently, with even more potential up to the 54 price point.
From there, who knows what will really happen. Getting back up to the 54 area will cut out all the screaming from the oil companies and potentially bring the fundamental argument back into play. Companies are going to keep pumping in the winter.
Just a WAG, but I am thinking we range between 45-54 up until may with a potential break to the upside and trade in the 60's. 2/2/15