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Strategies & Market Trends : John Pitera's Market Laboratory

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To: The Ox who wrote (18088)	4/4/2016 8:00:52 PM
From: John Pitera	4 Recommendations Read Replies (1) of 33421

Hi Ox, Yes there was heavy resistance when we topped out at WTIC $42.49 as we had outlined on March 18th. Message 30507963 . it was the logical place for it to roll over.. $42 was also the 45 degree uptrend on the Gann Square of nine chart. $Brent Crude had a more technical set up than WTIC Message 30520265 A significant part of the longer term equation is that Iran which started at 200,000 barrels a day wants to ramp back up to their old production levels of 3 million barrels a day. Saudi Arabia continues to discuss floating an IPO of 5% of Aramco.. their national Oil company.. this would theoretically happen in a couple of years and they are suggesting that the 5% stake would be worth 2 Trillion dollars ....far out for forecasting, interesting on the psychology of the energy market. The $34.50- $34.29 level is some support... ... I suspect that the it does not hold the 10 year weekly chart reminds off how important the 33.50 to 24.50 level is. everyone is now talking about the USD being in a downtrend or a trading range something that we have been talking about for 9 months. more on the USD to come soon.... wither the $USD... and the direction of global risk asset prices. John John

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