Post by
smallcaptdr on Dec 13, 2022 12:07am
Oil's bullrun may have just started
last week I said that Oil would hit $70 and Friday it did and that's when I dove into buying beat-up Oil stocks to hold and today Oil was no let down rising to $74 and why I feel that this run could be at the start is $70 was the bottom, for now, todays rise was to do with China giving hope, Keystone pipeline and Russia threatning to cut production, so Keystone will be resullved near term but with China and Russia concerns will keep Oil higher once Keystone is done and as the weeks unwind we're working towards Jan and OPEC which will announce further cuts so this is how Oil will continue to climb plus it all has to do with the US traders feeling positive after the longest bearish trend Oil currently experieced which started Nov 4th at $93 and when the US traders were determined to push Oil lower they did even when bullish reports were out so if they're now feeling bullish this could carry though 2023 but it'll take time to run up $2 at a time it took Oil over a month to drop from $93 so we have to expect the same if this is the start. If Tuesday sees Oil flat or higher Oil stocks should move after the recent firesale. This is why firms have stopped giving guidance on Oil because they could never get it right even though I started late June posting that Oil was heading to $75 by year's end everyone knows this because I was always getting bashed but it was the truth. We need a good bullish week we are overdue. GLTA JMHO
Comment by
Bombastic2018 on Dec 13, 2022 9:12am
Hope you're right buddy! We are due a run
Comment by
TheBridge on Dec 13, 2022 11:06am
Some of us have had our track suits and runners on for years waiting to run, won't be able to run as far or as fast but willing to give it a shot!