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 Interesting oil chart from Michael Boutros's webinar this morning. 

 

He has taken the price action of the recovery after the 2009 major low and placed it on top of the most recent 2016 major low.

Good correlation and flagging up a possible correction coming soon. 

 

oil2.PNGoil3.PNG

 

 

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Holy ***** you’re a better man than me if you’ve been riding this since ~30 bucks

 

Good one!

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I remember trading 3LOI ETF at the beginning of last year when we were around the 32 USD mark. Probably a massively bad tradeidea but I went in a bit big and rode it out, booked profit, saw a pull back and ringed and repeat. Obviously you don’t want to hold too much with time decay but all in all... we had a good holiday that year.

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notes in the EMEA brief this morning and my comment :) We gonna be going long oil on the next pull back or have we topped out?

 

 

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A look at the weekly chart of US Oil shows the 74 level is significant previous support turned resistance and the gap up to start the week shows a willingness to keep testing the zone.

Will be interesting to see how seriously the middle eastern OPEC countries take Trump's not so veiled threat that US military support in the region is not unconditional in his recent tweet and stating OPEC was a cartel and the price of oil was too high.

1402222161_USOIL()Weekly.thumb.png.743f0a89a8622461f81320d9c5e1ccfc.png

 

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