Could Saudi's 500,000 bpd cut back stop this madness?
Oil -0.56% jumped off the cliff -25.83% starting last month and still falling.
while free falling she doesn't even know where the bottom is! who knows anyways :S
I used line chart to draw few trend lines .
According to the bullish trend line I illustrated above, it's about time we yell "Booya, bull right back at ya!".
Starting next month, Saudi's planning to cut back 500,000 bpd (barrels per day) in effort to decelerate the free fall and maybe even trying to give it a bump.
If the trend line breaks, the next support would be at the $55 line where it used to be the ceiling for weeks last year.
Expected target price for each possible entries are from 24% 38% ( fibonacci retracement )
p.s. I'm happy to see oil -0.56% go down. (yay for the drivers!)
while free falling she doesn't even know where the bottom is! who knows anyways :S
I used line chart to draw few trend lines .
According to the bullish trend line I illustrated above, it's about time we yell "Booya, bull right back at ya!".
Starting next month, Saudi's planning to cut back 500,000 bpd (barrels per day) in effort to decelerate the free fall and maybe even trying to give it a bump.
If the trend line breaks, the next support would be at the $55 line where it used to be the ceiling for weeks last year.
Expected target price for each possible entries are from 24% 38% ( fibonacci retracement )
p.s. I'm happy to see oil -0.56% go down. (yay for the drivers!)
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