Post by
Snowballer on Feb 22, 2023 11:14am
Support Of Low $5's To Hold or Fail?
We are in the typical buy range for BTE which has resulted in reliable bounces... but unfortunately the bottom of this current range is $5.20ish and I have $4.68 as bottom support for lower range should BTE break low $5's.
The rising 2yr yield was a surprise to the markets and indicated the Fed will not pause or pivot. The inversion continues to steepen and essentially market will continue to roll over here. See what Fed minutes do for equities later today. Any squeeze on the oil price will be a sell for me. We are all basically trading before we enter the bid bad recession. We all know what happens to oil and oil stocks... I got tricked on the narrative again with China Open and Russian War. We traded sideways and we broke down. Oil companies will have to live in a $60 to $75 WTI world with something closer to $60 WTI later this year would be my guess... given the overall goal of slowing demand on everything.
Obviously I'm bearish but could be wrong.
Comment by
dllscwbysfn on Feb 22, 2023 1:46pm
60$ WTI, Hmmm I wonder what OPEC would say
Comment by
Snowballer on Feb 22, 2023 3:25pm
guess we'll find out. In the end all these leaders are corrupt so we never really know the behind the closed door discussions with the Biden Admin