Member Info for joaung1

The whole market and all popular markets are down (FTSE down 1%, DAX down 2%). Its a general drop. Not sure why.

There's a lot of uncertainty built into the price at the moment. Pre-Covid there was already the issue of OPEC pricing before the sledgehammer hit with the pandemic. Demand and oil prices slumped. There was also Brexit built into the price to some extent. In addition, Looney's big long-term strategic move to greener energy gave the market further jitters.

Some of these issue are clearing up or getting better line of sight but oil prices remain relatively low (still c$15 below $70 per barrel seen in Q2 of 2019) and as ever, unstable. With regards to the pandemic, we are seeing light at the end of the tunnel with the vaccines, but uncertainty remains as to roll-out, efficacy and risk of new Covid strains making these vaccines ineffective. Demand remains low with global lockdowns and uncertainty remains as to when demand rises again to normal levels.

Brexit deal has been signed, but full effect is yet to be seen.

As to the long term strategy towards greener fuel, its all up in the air - much of this will be achievable through huge cost cuts and big investment - so uncertainty of success of strategy means that in the medium term the 5.50-6.00 range remains unlikely.

My own feeling is to get to 3.20 then hopefully breakthrough 3.60 and best target for the foreseeable future is 4.50.

Last message was for Jackdawsson.

You may well be right. I'm hoping that this time after we breakthrough 320 the upward momentum will be greater and more sustained given several uncertainties have cleared up or are clearing up - better progress with vaccines, Trump gone, Brexit deal finalised, Brent prices up and agreements reached.

Looking at technical charts, looks like 320p will be the next resistance level in the next 4-5 days and may well become the support level before hopefully breaking through to 350p

Looking at the technical analysis I think we are looking at a breakout through 285p in the next 4 days.

Thinking 285 rather than 280 is probably more for my sanity! Share price keeps creeping over 280 and I get excited and then it disappointingly drops away. Closing @270 today is bang on the trend line established since 6th Nov.

Potentially a resistance level at 285 rather than 280. Previously a support level at 280 earlier in the year when it was touched 4 times between April and July. Then 285 became a resistance level on 26th Aug and 10th Dec. Share price is moving steadily along an upward trend line since 6th Nov which the price has bounced off for a 4th time today (if it closes at 270). Could see a potential breakout above 285 in the next 7 days.