I’ve heard $57- 58 is the level to start picking at, which is right here. However, looking out to a longer term chart of crude, we could be headed another $10 lower. That would be the 20 year trendline support area, near $48:
_______
The way some of these oils are acting, I would not be surprised to see sub $50. But, I’m under the impression we are close to short term bottom.
Let’s hold a vote, over the next month where do you see the price of oil? Vote below:
Loading ...
What interesting is USO Jan 17 27.00 calls and feb 17th 27.00 calls huge volume
I got to think we are close to a bottom.
Hey RC, I have no clue how to play oil. Any suggestions on a buy and hold stock at these levels? I’m willing to hold something for awhile, up to a year but no idea on what would be a solid choice. I’ve been slowly scaling into some BAS.
I like APA down here.
The thought of buying should make you feel nauseous… If it doesn’t it isn’t scary enough to be a bottom. The best trade entries make a little bit of pee come out.
lol
why am I not surprised
the only reason I voted for 70, is because you don’t have 80…
May be 1 month is a bit tight, but I know two things – elections are done and holiday shopping almost over… and … autumn is gone – winter is upon us.
Putin and arabs are not important. The only thing that matters now – is tax-loss selling of anything near 52 week low, and that will be over in a couple of weeks too. Followed by buying of all this shit back …and more. Oil is not going to zero (can’t say the same about TWTR)
FD: no positions in anything related to energy, but salivating over XOM, CVX, RDS/B, PTR (in that order)… just need a buy signal… really, any itsy-bitsy signal will do (now Santa knows my wish…lol)
price could overshoot the trendline into the volume pocket before rebounding
A possibility, but i hope not.
There’ll be legislation to free US exports and the price will pop and stabilize above today’s level. This is all just negotiation. Will it permit crude or just refined? – refiners and shippers of interest..
Rarely see Purdy around but generally I find his insight is quite excellent
long FRO from earlier, long CPLP right here
That FRO is a monster
I voted ZERO
Message from the future: bathe yourselves in oil or beer, it’s cheaper than water.
Held OAS into close @ $12.40
Down from $55 to $11 … Plenty of shorts to be squeezed if we get a blip up in oil.
Why was OAS up so much today short covering?
I voted $60. Rally in oil actually will coincide with a sell of in the market.
@BS I hope you’re right I went long NOV EOG and EMES today.
Long SLCA, SN and SYRG. Still have 35% of my allocated Pick The Oil Bottom Wad and looking to add more on weakness, also want some CRZO in the low $30’s baaaad.
Day traders, gamblers like to hear the snap of the cards and the roll of the dice.
You have all been damaged, especially Fly. But low prices are here to stay so pick your favorite company and wait. Better prices are yet to come.
7.5 YTD Net