Targeting 35.6 @ Oct 2nd.
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Oil below 48 is bearish, above 48 bullish.
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Lost 48. 47.3 is a strong level too, so might bounce a bit here.
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Still a nice glut hanging over oil. Shale producers have already made their existing investmetns and are getting lower and lower unit costs of production. Dont see any immediate reasons for oil to rally.
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Biggest hurricane ever approaching refineries etc, should send oil to 500 dollars/barrel??
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Still have 12 small dollars to go..
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Bears did a bad job holding bulls away on Friday, I'm not sure if it was hurricanes and falling dollars that made it close in green. However, a weekly close below 48 is comforting for next week shorts.
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I like what Monday has brought so far. Longs being: "But, but... What about Harvey?" Seems Harvey has a problem with winning over the trend :)