A very sensitive technician gave us the "Wykoffs upthrust theory" claiming Oil was in phase d part 17 and will be in correction very soon so stand by this was shortly after being dead wrong on a head and shoulders pattern at 69.7. an interesting reversal pattern and the story only works if Oil cooperates and that is a big if. And we will not soon forget the Dark Cloud Cover he announced before Oil went up 7 bucks. I'm sure as a trader this person makes money but technical patterns cannot be followed blindly and you should follow up your reports and explain to your readers when the landscape alters because bearish bias need to be
explained for the people who follow or they may be fighting it the whole day or week while you have safely changed your mind. I have met my weekly goal despite the half thrown away on this folly .
if Nigerian Rebels continue to attack the pipeline they are already disrupting output so much that The President has offered amnesty to the Militants if they stop. the President is negotiating with rebels not good in my opinion and I believe they will want change not just to get off the hook so to speak Why go through all this for more of the same?
The Problem with gauging geopolitical risk is it is nearly impossible to discover until after the events unfold. So best guess becomes the order of the day.
the chart on the left shows where I just got short on the way down at 70.7 all three charts gave me a sell signal so to speak. Members wait for pricing
Under the current scenario oil climbed through 71 again currencies appear up futures slightly
down and now oil has dropped all the way to 70.10 while I have been writing
I
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