Post charts and speculate

whereismyname
whereismyname

I think brent crude oil is going down to $45.

All urls found in this thread:
https://en.wikipedia.org/wiki/List_of_countries_by_oil_production
hairygrape
hairygrape

@whereismyname
it could. why do u think that . purely techincals?

my grandpa thinks it could go 2 35

just make sure u have some opportunity cash free incase it does.

farquit
farquit

It's in an uptrend and has showed no sign of reversing. It's idiots like OP that think every churning point is a crash or correction. Learn how to market swings.

Methnerd
Methnerd

@whereismyname

Screen this bitch.

End of 2016, WTI around 70.

It's what the saudis want, it's what the US want, it's what Russia want.

Once oil hit 75/80, big investments will happen again and we will fall to 40/45... It's just logic at this point.

Emberfire
Emberfire

@Methnerd
its not what the saudis want tho...
they want to drive the prices so damn low no one else can afford to be in the oil game. THEN when all the weeds have been starved out
THEN jack the price to 300 a barrel.

they cant be dragged to opec, kicking and screaming

if u really believe this. just screen shot ur oil future positions. u know damn well

LuckyDusty
LuckyDusty

@Emberfire

That's idiotic.

Saudis know that investment is in direct correlation with prices. Meaning today nobody is fucking with canada sand oil or antarctica deep oil because you would not have a profit.

Starving the weeds? What the fuck does that mean? The first producer of OIL is the USA, are they trying to weed out the USA? Try to make sense.

Plus, oil’s price fall has resulted in the depletion of its foreign exchange reserves. Compared to the 2.8 trillion Saudi Arabian riyal foreign exchange reserves held by the country in September 2014, its balance fell to 2.1 trillion riyal in August 2016. Since the end of 2014, the economy has withdrawn about $104 billion from its foreign exchange reserves to plug its budget shortfalls.

Just FYI, if oil is 300$ a barrel everybody start consuming their own oil because you can get a profit and are advantaging your place economically. So saudis will be stuck with cheap oil to burn themselfs.

ZeroReborn
ZeroReborn

On a quick TA. It would have to break below 51 and stay there to even think about testing the hard support of 49.80 doubt that happens but if it does get near 49.8 I would hazard a buy. Only thing pushing it that lpw would be an OPEC deal collapse at end of month

Ignoramus
Ignoramus

@LuckyDusty
The first producer of OIL is the USA

im gonna stop there

Raving_Cute
Raving_Cute

@LuckyDusty
https://en.wikipedia.org/wiki/List_of_countries_by_oil_production

opec produces 3-5 times as much as us..

yes they can and will manipulate the price to starve competition.

its business.

Garbage Can Lid
Garbage Can Lid

@LuckyDusty
OPEC : Member Countries
www.opec.org/opec_web/en/about_us/25.htm
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

u really beleive this list of countries wants to cooperate and embiggen us oil business ????

Booteefool
Booteefool

@LuckyDusty
Oil dips on Buzzard restart, Iraq; U.S. crude tests below $50
Reuters - 10 hours ago
... of Britain's Buzzard oilfield and Iraq's wish to be exempted from OPEC production cuts.
Oil Prices Fall After Iraq Signals Doubts Over OPEC Cut
Wall Street Journal - 12 hours ago
US crude settles down 33 cents at $50.52 after Iraq resists joining output cut
CNBC - 14 hours ago
More news for iraq opec

meant iraq btw

MPmaster
MPmaster

@LuckyDusty
not trying to be a dick.
i just think u should be careful .
or at least put ur money where ur mouth is, and show u us ur futures positions stead of just bloviating on shit u cant prove.

lostmypassword
lostmypassword

@MPmaster

All u'r argument is valid is OPEC is one single country with the same goal.

Witch is not, OPEC is dead, with Iran coming back strong it can go somewhere but otherwise it's DEAD.

So, USA is the first producer of OIL and OPEC don't have the same goals (Like Iran or Saudis have something in commun lol)

Not trying to be a dick but you copy paste wikipedia and think you know shit? okey

TreeEater
TreeEater

@lostmypassword
opec is dead

wow. thats a pretty ignorant thing to say.

i dont know what to tell u man.
all those middle eastern countries
share the same religion, values and region.
they might as well be the same country for sake of the pricing of their oil , since they work in tandem. usa pales in comparison 2 opecs output. they completely control the market.

if ur competitor has 3 times market share than u .
ur aren't a baller, ur just passive victim, hoping and coping.

i hope u wake up out of ur blind nationalism, and someday realize the truth about the world around you.

Raving_Cute
Raving_Cute

@TreeEater
all those middle eastern countries
share the same religion, values and region.

good on you for not knowing sunnit/chiite difference, i heard you can make US president without knowing that. unfortunately you can't trade oil.

opec is dead, 2 of the top3 producer of oil are not on it, what the fuck can it control? iran doesn't give a fuck about quotas, they just got out of US/EU sanctions and are at full capacity already, saudi won't cut shit because russia is just waiting to take their share in china...

i hope u wake up out of ur blind nationalism, and someday realize the truth about the world around you.

huhuh, blind nationalism of the portuguese guy, huhu

go learn the hate between Iran and Saudi, that'll be a very good day for you

Poker_Star
Poker_Star

@Raving_Cute
aight. post ur futures contract.
money talks, bs walks

Methnerd
Methnerd

@whereismyname
I think it will be more like around 48.9 based on the chart. I don't know commodities but in stocks, whenever you get a decent spike, a lot of times tops out then pulls back to about half of that spike. Trust me, just take a look at some of the volatile stock's charts.
@hairygrape
Technicals have a good probability of working if you understand them, believe it or not.

Carnalpleasure
Carnalpleasure

@farquit
What time frame are you talking about?

Skullbone
Skullbone

@Methnerd
i have no problem with macro TA.

LuckyDusty
LuckyDusty

the double top with lower highs after a spike is a strong indication of start of downtrend. There is a major support level at 45, with no other support level in sight. 45 is also a whole number which sort of acts like a psychological magnet to most traders. so I think OP might be right. around that 45 level

PackManBrainlure
PackManBrainlure

@farquit
mfw oil shit the bed all day and i pulled out yesterday and am slowly buying in at the low price after realizing profits and dogding losses and have retained margin for if it continues downwards with a plan to place futures at 35

@Raving_Cute
mfw this clown said i dont know how to traid oil

Fried_Sushi
Fried_Sushi

@Raving_Cute
he thinks OPEC has a united agenda

You get that Saudi Arabia can't even get Iran to the fucking negotiating table because of the sectarian differences between the two of them, right? Venezuela and a shitload of other countries with massive deficits are really getting pissed at the Saudis for going on a drilling binge since not all of them have such high Forex reserves.

The only reason why Indonesia is in OPEC is to support the Saudi agenda. It's the only country in OPEC that consumes more than it produces and it was conveniently let in right around the time that oil prices started falling, A country that imports more oil than it exports? Maybe they'd have a vested interest in keeping Saudi oil pumping?

Jesus Christ, are you retarded?

Sir_Gallonhead
Sir_Gallonhead

@Fried_Sushi
well yea ive got downs and aspergers okay and my keyboard is missing shift and apostrophe keys so be nice okey lolololololol

my grandpa told me them sand niggers circle jerk to abba

Dreamworx
Dreamworx

@farquit
Currently the pick is in the money. Crosshairs when I posted.

BunnyJinx
BunnyJinx

@Dreamworx
hard to argue with the facts

girlDog
girlDog

Brents bear continues.

StrangeWizard
StrangeWizard

@whereismyname
it's going up mid term. commie oil producing nations have been defeated so its safe for the oligarchs to up the price now.

TreeEater
TreeEater

@StrangeWizard
The price is already up, party ends at $60.

VisualMaster
VisualMaster

@TreeEater
thats not how oil works , kid.

New_Cliche
New_Cliche

If trump wins, gold breaks out of the triangle to the upside. If the hilldog wins, gold is either flat or more likely down, with US dollar strengthening.

CodeBuns
CodeBuns

@whereismyname
No, not brent, only uti

Gigastrength
Gigastrength

@whereismyname

i agree

and dollar will go up correspondingly

Sharpcharm
Sharpcharm

@whereismyname
posted this in its own thread, but maybe you know:

for some reason, the internet has made this information impossible to find. with the pits at the nymex closing, how are energy futures PHYSICALLY/TACTICALLY traded in the US? is it just people sitting at bloomberg terminals in the offices of an investment bank calling people with bid prices? who are they calling? how are more complicated contracts created, or are the ICE and NYMEX offering all you get?

if i was a an airplane company that wanted to hedge oil prices, what is the chain of people that would need to go through, and how would they be connected?

Disable AdBlock to view this page

Disable AdBlock to view this page