Source: http://www.infomine.com/investment/metal-prices/crude-oil/all/

if my forex knowledge serves me right, then I can say we have reached the a resistance area.

Explain better the poster above me.I don't have much knowledge in forex

Hehehe.. in essence let's hope and pray the lower resistance (or support) point is around the $20 line after which the trend 'may' become bullish again.

2sex:
if my forex knowledge serves me right, then I can say we have reached the a resistance area.

not resistance area but support .......however the macroeconomics that affect crude price oil are still at play, so expect support to be broken.......

kurupt1:
not resistance area but support .......however the macroeconomics that affect crude price oil are still at play, so expect support to be broken.......

thanks for the correction. I was already dossing off when I typed. Possibly but it won't be long before things begin to take shape and they goes back up. As you can see, we are around the support area already and I don't think it will fall too far from there.

2sex:
thanks for the correction. I was already dossing off when I typed. Possibly but it won't be long before things begin to take shape and they goes back up. As you can see, we are around the support area already and I don't think it will fall too far from there.

I am not a technical analysis expert, but from the look of things, it looks like that "support" may not hold.

gists:

I am not a technical analysis expert, but from the look of things, it looks like that "support" may not hold.

It's support. I was already feeling drowsy when I typed.

This oil self na curse abi na blessing.. imagine we don't av oil, may be our case for don be like Japan or Singapore because the politicians brain will function well and plan well.

2sex:
It's support. I was already feeling drowsy when I typed.

That is not what I am talking about. I mean it looks like that support is not strong enough. The support may be broken and the price dips further.

gists:

That is not what I am talking about. I mean it looks like that support is not strong enough. The support may be broken and the price dips further.

from that pic, it hasn't even reached the support area if the current price per barrel is anything to go by. Sure, from the far left, we can see it broke that $20 mark and will likely do same but support or resistance are not specific points but REGIONS and therefore, if it will break, it won't be much deeper than $20, at least $15 before a rebound. all in all, the $20 region or area will definitely be reached and I much sure that is the support region +/-

It's all about history and you know that!

Osakah24:
Explain better the poster above me.I don't have much knowledge in forex

I actually meant support area. Thanks to my friends who corrected my mistake. In forex, there is what we call support and resistance. Picture the support area as the ground you are standing on right now and the resistance area as the ceiling of your house.

Prices are like bouncing balls. When you hit a ball on the ground, what happens? And when the ball hits the ceiling what happens? There is a reason why they say whatever goes up much surely come down and whatever comes down but surely go up; this is one of such cases.

Price can't keep going down, irrespective of what people say or do.

2sex:
I actually meant support area. Thanks to my friends who corrected my mistake. In forex, there is what we call support and resistance. Picture the support area as the ground you are standing on right now and the resistance area as the ceiling of your house.

Prices are like bouncing balls. When you hit a ball on the ground, what happens? And when the ball hits the ceiling what happens? There is a reason why they say whatever goes up much surely come down and whatever comes down but surely go up; this is one of such cases.

Price can't keep going down, irrespective of what people say or do.

But you forget that people also say the market can remain irrational for much longer than you can remain solvent lol
So don't bet your life saving that will bounce back so soon. We may be in for a long bearish session. But I hope not - just that its better to err on the side of safety and prepare for the worst. If things gets better sooner than planned, we'll give more glory to God.

2sex:
from that pic, it hasn't even reached the support area if the current price per barrel is anything to go by. Sure, from the far left, we can see it broke that $20 mark and will likely do same but support or resistance are not specific points but REGIONS and therefore, if it will break, it won't be much deeper than $20, at least $15 before a rebound. all in all, the $20 region or area will definitely be reached and I much sure that is the support region +/-

It's all about history and you know that!

Yes it's all about history, but times have changed. The current economic trend now plus political implications shows no possible rise in the nearest future.

Dahveydson:


Yes it's all about history, but times have changed. The current economic trend now plus political implications shows no possible rise in the nearest future.

I can tell you that now is the best time to by oil stocks in Large number and give it some years to mature... This is how people of the current world made their money. Smart investors exit when the people are getting in and they get in when people are getting out.

I agree with you your point though

2sex:
I can tell you that now is the best time to by oil stocks in Large number and give it some years to mature... This is how people of the current world made their money. Smart investors exit when the people are getting in and they get in when people are getting out.

I agree with you your point though

Of course, I totally understand the business side. But it comes with BIG risk.

gists:

But you forget that people also say the market can remain irrational for much longer than you can remain solvent lol
So don't bet your life saving that will bounce back so soon. We may be in for a long bearish session. But I hope not - just that its better to err on the side of safety and prepare for the worst. If things gets better sooner than planned, we'll give more glory to God.

the emboldened is when the market is RANGING... it does not go up nor come down... just moving along the horizontal, more like sitting on the fence. But bro, this whole thing is all politics than economics but history will repeat itself. Saudi Arabia is the major culprit here as they masterminded everything to get larger market share according to what @Bevista said in his post, which I believe is true based on what I have read. It is also stated that Saudi Arabia are silently stealing US shale engineers to kick off their own shale exploration.

Dahveydson:


Of course, I totally understand the business side. But it comes with BIG risk.

no risk no reward.... great investors weigh their options. price will not continue to remain down bro but either way, FOREX traders are currently making GOOD money trading oil.

2sex:
no risk no reward.... great investors weigh their options. price will not continue to remain down bro but either way, FOREX traders are currently making GOOD money trading oil.

Forex traders will always make money in good or bad times. If I am to be cynical, i'll say the worse things are, the better for a Forex trader.


Seems you're also making good money from it all.

Dahveydson:


Forex traders will always make money in good or bad times. If I am to be cynical, i'll say the worse things are, the better for a Forex trader.


Seems you're also making good money from it all.

Not making money from it bro. There are different commodities traded from Gold to Oil etc.

2sex:
Not making money from it bro. There are different commodities traded from Gold to Oil etc.

Alright. We can only hope things look up in the nearest future.

The politics behind crude oil is beyond what Nigeria understands.