Post by
OILSPECTATOR on Feb 25, 2021 10:30pm
3 Trading Days
2nd day selling in SU, the lows:
Expected low $25.75
Extreme low $25.34
Close anywhere in between
Third Day Buying (Monday March 1st) with prices range bound between $26-$27 until the OPEC+ meeting March 4th and resultant market interpretation Friday. Saudi Arabia has "urged" fellow members of OPEC+ to remain cautious as they prepare to consider further output increases. Thus, testing June $28.82 high in SU would occur between March 5th - 12th.
FWIW, and posted in MY OPINION only.
Comment by
Chad123 on Feb 26, 2021 7:09am
Agree with the 25 handle for today. Hoping markets return back on Monday. Think OPEC will raise production by 500K, looking for WTI to maintain above 60. IMO GLTA
Comment by
Marner16 on Feb 26, 2021 10:07am
OilSectator: Thanks for your input. I'm a fundamentals guy so I take a long term view. Apparently, fundamentals only have a 5% effect over the short term, so you technical guys have an advantage for traders I hope you are right about testing the $28.82 high in a couple of weeks
Comment by
OILSPECTATOR on Mar 10, 2021 11:08am
Two trading days left...cover as necessary lads (IN MY OPINION ONLY)