Veren Inc T.VRN

5 months of Oil fighting $82 resistance..

[smallcaptdr]

Oil has continued staying in its trading band since it started Dec 5th making this Oils 5th attempt at breaking through $82+ resistance failing so far, and we know how it went the last time Oil tested support at $73 after its 4th attempt Oil punched through hitting $64 and what I'm seeing in the market is some eyeopening to what's really happening in a world of uncertainty and you only have to look at Gold prices $2020 today. Friday 8:30am US releases Unemployment, Non-Farm Payrolls, and right now it has been adding to the bearishness its really going to take something bullish to pump life back into Oil as it stands tonight. We all know how the market looks at $80 on a phycological level so if this week pushes it below staying Apr bullish start could be tamed with the FED staying on course to continue in Rate Hikes. When I saw the Overseas 4:30am selloff on a day US Data is out spelled trouble so we'll know in the morning overseas verdict if the bull still has steam.

[rusty777]

I agree Small captdr.  It seems that oil rallies overnight and then the US markets push it down once they open.  It is certainly not acting like it is under the normal supply-demand theory like most markets.  Hard to convince myself that there is a 15 - 20 percent variability in demand week to week.  This is acting much more like an orchastrated manipulation - some folk are