There is a bit of despair with MAD it seems but for no solid reason i think. Its the same organisation,fundamentals,management, agreage,liquid gold..everythings same. As i have said in an earlier post its the global macro conditions which is beating the hell out of literally every stock specially commodity ones.
Globally(specially OPEC) is producing crude at 30 year highs which resulted in a bit of glut(by about a million barrels/day).
If you look at the technicals WTI touched its Fib Support at 93.05 overnight but settled at 93.19. the next support levels are 92.5 & 89.2 and MACD is in negative territory and will not turn untill some time.
The good thing about this story is crude product demand is ok so the chances are we might see consolidation soon unless the macro factors completely takes over. So all oilers will be under the pump for sometime untill sentiment changes.
So hold on tight to ride out the rough waves because sunny days are ahead.....
Thats my view/opinion and in no way is advice
FDM Price at posting:
94.0¢ Sentiment: LT Buy Disclosure: Held
