Thursday, 14 August 2014

I can see only retail investors in crude as evident in prices ranged in 2%, - 98.70 - 96.70.
No big players currently in crude who can move beyond, that shows
crude can move in either direction
When a fall ,its subsequent recovery again fall has to reach my earlier target of 93.40 as sent to you earlier. but it is not pulled down and clinging to its strong support of 97.20.

Few weeks ago, I read OPEC is comfortable with the price of 100 $. Few days ago ,Some where I read also WTI crude export though banned in US, using loopholes,(US) they do export crude.
China, Asia's largest consumer, worlds second largest consumer of crude, earlier, with military intelligence input they bought and stocked in huge quantities which saw the prices above 102.

So now everything is contained now and there is no reason  for biggies to go for long or short for quick earnings.

All my indicators showed buy at one point but in a matter of hours it reversed to sell but prices are not dropping.

Based on the factors, I feel the price of crude is stabilizing and 97.00 $ is the support price
and at current scenario, I dont see bearishness.

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