- July 1, 2012
- Posted by: Ramki Ramakrishnan
- Category: Oil
On 25 June 2012, when Crude Oil was trading around $79, I wrote on Forbes that Crude oil still has another 10% downside. And on the next day, when Brent Crude was near $92, I said the same thing – that it has another 10% to go – on the DOWNSIDE, that is. Guess what! Crude went from $77.28 to $85.34, a move of 10% UP, and Brent Crude went from $91.73 to $98.28 all in one day.Wow! What happened there?
Now I do have a track record of occasionally getting things really wrong, but this takes the crown. Or does it? Should we write off the bears? Suppose I say that we will still see Crude down to near the targets mentioned earlier, I will be unnecessarily shooting myself in the foot. But just as I gave you technical reasons for my earlier calls, I wish to give you a couple of charts and you can make up your own mind.