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Oil Price, page-1184

  1. 3,661 Posts.
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    Barely 6 weeks ago, POO was bobbling in the mid 80's, and there seemed an almost tactile sense of optimism around investment connected to it. What happened?

    I suppose there were an inordinate amount of longs open, some of which had ridden a 200% rise over the past 3yrs. So a cascade effect as they started to close their positions out? And worries around global growth slowing?

    No idea...

    I do know there is an ominous session ahead today for Brent, sitting where it is right now on that long term support line, and a few cents either side of the Feb'18 lows. RSI smacked under 20 (30 is oversold), and death cross unavoidable, it seems.

    Another 7% off last session. How it behaves today may determine its direction for quite a while.

    21-11-18.UKOIL.PNG

    What's our positive spin we normally use for a falling POO?
    Oh that's right, cheap contractors.
 
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