Crude Price going to $62.50

[Nick Majeed + 3]

After reading  several analyses on crude oil price in near future I am leaning toward crude price touching down to $62.50. Unless any interruption in supply.

[Nick Majeed + 3]

Crude is sliding

[Nick Majeed + 3]

Let's see how if it goes down to $66 in few hours.

[TomTom + 183]

From a technical point of view you may be right, but short/mid-term fundamentals point at (much) higher prices..

[Nick Majeed + 3]

Yes Tom you are correct I am looking at technical points. Crude went down to $63.72  just a month ago.

[Nick Majeed + 3]

Yesterday's low was 65.71.

[Nick Majeed + 3]

I guess it would not go down today as I thought ($66). Is it time to buy at $67?

[Top Oil Trader + 469]

Nick, please in no way, I don't know you, but in no way is this answer about you, it is only about the general day traders.

Is it time to buy wti at 66.4. What an excellent question, actually this question right now and tommorrow will be on all day traders mind, why? Only one word, GREED. See a daytrader loves to buy when something has fallen, but especially when it is at its recent low, since, in their mind the prev low is support, and there has to be a bounce. So this is a valid point, but only from the initial drop, so when oil drops  from 75 yes 66 is a nice reverse point, and indeed it did reverse a couple of times. However, as the prices hover around this support line, more things become more evident. And what becomes evident is the fact that Day Traders are already long wti here, and many more cousins of those thoughts, will come along and fall for this delusion. This is how the day traders work, and how they have worked since the first day trader was born. You see they fgure to short now is crazy after the almost 10 dollar drop, and they are right, there is a risk in case it does a left turn up. So they are in a quandry, and will follow the path or not least resistance or least stupidity, but the path of the most absurd, and get whacked. The large players are already waiting in the wings to clean up the blood.

[Top Oil Trader + 469]

Major analysts said the bounce in the stock market, is good, and it means investors are expecting great earning and will be pushing the dow jones higher. So that is interesting, and he doesn't think that the 25,000 level will be broken. Seriously speaking, i find this analyst getting the obvious wrong, many times, would not be surprised if we can add this to his record.