AS alluded last week. Check chart on oil.
Oil is coming down. Look at the charts from Futuresource.com
There is a $US6 terrorism premium still built into the price.
It has aready slipped $US6 from it's highs and technically has double topped from 10 Years ago.
WPL has been in a down trend for the past few months.
STO is right at it's Double Top level (check daily chart and go back to last year). It failed after a no. of tests last year and had it's second test last week.
Expect a decent pullback in both this week as the oil price slips and the traders also jump in.
As the OPEC production increases flow through and the terrorsim premium comes out, expect the oil price to clip back to move realistic long term levels around $US28-32 per barrel.
Trade: Short Sell WPL/STO. Sell CFDs. Sell Call Option Spreads, Buy Put Options/warrants.
AS alluded last week. Check chart on oil.Oil is coming down....
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Last
$7.81 |
Change
0.140(1.83%) |
Mkt cap ! $25.36B | |||
| Open | High | Low | Value | Volume |
| $7.80 | $7.82 | $7.76 | $53.77M | 6.831M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 43486 | $7.77 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.81 | 39967 | 2 |
View Market Depth
| Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
| STO (ASX) Chart |