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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (118032)	1/2/2019 11:38:32 AM
From: GROUND ZERO™	Read Replies (1) \| Respond to of 223401

Oil is probably going to chop up and back, but I think the downside has pretty much run its course... the game now for crude is being patient and letting the oversupply work itself out... The only reason crude collapsed over the past 3 months is because everyone thought that Iran wouldn't be able to sell its oil on the world market so I think OPEC stepped up its production, but Iran was able to sell on the world market and that in effect flooded the global market with so much oil, the price drop accordingly... I could be very wrong about what happened, but this is only my impression... maybe someone in the oil business could shed some real light on why crude dropped as it did... I certainly had no idea it would drop so much, it was just a short position trade but the market collapsed and I stayed short for the ride... GZ