Crude Oil & Brent Crude Outlook: Can I get more wrong than this?
1 July 2012
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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. | |
Want to go further with oil? The corrections chapters of Five Waves to Financial Freedom, which use commodity examples just like this one walks through it with real trades and real numbers, not textbook theory.