Post by
smartmoni on Sep 26, 2024 11:03am
MULTI YEAR OIL BULL MARKET
Yes sir we are indeed once again trading at the 3 year, weekly 200 dma (rsi oversold)..... I strongly believe that this latest weakness in the sector is mainly politically driven! The DEMS need, want and MUST HAVE the price of oil & gas down as much as possible if they want a better chance of winning the election in about 6 weeks. Taking into account the massive QE package unleased in China (demand for oil should improve), the geopolitical issues in the middle east & Ukraine, the record low levels of oil inventories, the hurricane season well underway, Libya shutting most of its oil capacity and OPEC needing a high price of WTI.....there is NO WAY that WTI would have been trading down here at $67 a barrel if it were not an election year! MANIPULATION at its best, folks! I would be very careful selling your ATH stock down here. This level has been a great BUY the DIP opportunity the last 3 years! The price of WTI and the share price of ATH can turn around aggressively to the upside in a heartbeat! We are still in a multi-year O&G Bull Run!
Comment by
BLACKJACK86 on Sep 26, 2024 11:33am
and not to forget, the interest cut in North America. I believe we are at the bottom of this correction, more so now that the news about opec is out.
Comment by
dandu1924 on Sep 26, 2024 5:42pm
With all of those corrections since the beginning of 2024, UP and Down over and over again, this is like a krash is coming soon.