RE:RE:1 MONTH CHART SHOWS CRITICAL SUPPORT AT TODAYS CLOSEgoldman777 wrote:
over seas trading might hold oil around the current $50.85 range, but I think this is becoming less and less meaningful to the N.A. market which has relentlessly pounded oil down. U.S. of A. to become totally self sufficient and a major exporter during Mr. trumps reign. Canada may struggle to hurry the fooke up and build a pipe line or two in order to get our product to an over seas market.... might be too late already as the world is awash in oil and all producing nations will be very protective of their markets ie; Russia, Middle East. S.A. producers just may not find a customer at all, unless Brazil bounces back big time in a real hurry and who`s counting on that ? OPEC and their pals latest production cut mandates may be too little too late. OPEC today saying the oil glut will linger, 1/2 the analysts calling for supply destruction and increased demand...the other 1/2 on the other side of the coin.The oil market could get really interesting...educated guessing at best and more of a spin of the roulette wheel than anything else.
Right on goldman I think you nailed oil with this post.