Oil breaking higher through important trendlines

There is more and more evidence that energies might rally in the end of this year and so many people could be caught on the wrong side of the trade. Not only retail community but also professionals are saying oil has to go down. We can see something similar in COT positioning as well. This reminds me of gold bugs, but in energy we have energy bears and their narratives. It’s fascinating!

I wrote a post about oil a month ago. I advise you to read it (see here) before you continue with this post to gain a perspective. Therefore I won’t go into everything again but rather expose the technical picture. Continue reading “Oil breaking higher through important trendlines”

Could oil trade to $60 or above? I think so

It is so interesting to me to observe sentiment in the market and how people interpret the data available to them. I grew up massaging the data and presenting it using various statistical methods. One of the reasons I love stats is that one can derive to two totally different stories having the same data so it’s very easy to show what one wants to show but on the other hand it’s just as easy to see only the things one want to see.

In this post let me present you some oil related facts by how I see it and I hope I will be able to present it from the most neutral stance possible.  Continue reading “Could oil trade to $60 or above? I think so”

USDCAD pointing to crude oil rally

Had you asked me a few months ago what do I think where oil might go, being quite a vocal bear, I’d say that the only way is down. Even when WTI was breaking above 52.00 USD/bbl level and hedge funds have built a record long position, I was very pessimistic about that and as expected the move was short-lived. But recently I became less bearish. In this post let me present what I see right now.. Continue reading “USDCAD pointing to crude oil rally”