Actually the most amusing buy posts (low/no content and pure BS/bashing) occurs on a popular site in the USA. Its truly a LOL read of a morning to see what compadres of Tibsy (w/Andy) and Leverage (w/Byrne) and Chrys and Photo and Justdb and ....
They read and commend some of the posts here on HC (not mine of course but what would I know).
Thought I'd share the following (bullish) view on oil written by a Chief Investment Officer. First his conclusion which was:
"Technical analysis of oil price trends reveals another concern. Oil’s decline last week puts the next support level at $50. Should oil prices reverse higher, key levels to watch would be the 100-day moving average at about $55, followed by the top end of the previous range in the $61 – 62 area. The recent oil breakdown is concerning, as it not only puts a potential return to the $40s on the table technically, but it also makes a break into the mid-to-high $60s potentially more difficult from a technical perspective. In addition, we expect continued drag from a strong U.S. dollar, which makes oil more expensive to global buyers and has historically exhibited inverse correlation with oil prices. From a technical perspective, oil’s range may be between $50 and low $60s, similar to our estimated range of fair value based on fundamentals of supply and demand."
His article highlighted "4 signs that oil prices are potentially near a bottom" - of course he did say potentially. Without going into any of the detail, those signs were:
1. Producer Capex cuts.
2. Rig counts
3. Magnitude of the price decline (comparatively speaking)
4. Marginal cost of shale production
Called himself a reluctant bull. Source is article in Barrons - which is a paid subscription
GLTM
SSN Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
