Post by smallcaptdron Nov 10, 2022 9:19pm
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Post# 35090324
$85 - $93 Oil trading range under OPEC
$85 - $93 Oil trading range under OPECAfter hitting the high of $93 twice returning both times back to $85 which has been supported since Sept but a really bad day could see Oil revisit $81 I think our new Oil trading range of $85 - $93 is what we are seeing under OPEC cuts. The DOW rocketed over 1000 pts due to cooler Inflation numbers they were expecting 8% and got 7.7% but this will be short-lived because of still having the task of hitting 2% plus with Oil now heading higher Inflation will follow. These Inflation numbers at 7.7% are still high and will be all but forgotten in a week and we'll be back to other data affecting Oil movement we can't escape the market being driven by recession fears and this is not just about the US this is a global slowing of economies which will drag Oil down with occasional runs up to $90+ on bullish news and for the not so bullish news that was having higher Oil inventory numbers. Oil could bounce around $85 trading sideways if there are no big moves overseas tonight and tomorrow there's no US data being released. $85 - $93, Oil will always be volatile, China is full of krap, and Recession trumps all. It's great to back trading