Member Info for mojo7865

313 is the first support 303 there after where there is stronger support. Everyone seems to be ignoring bond yields breaking the highs on the 10 year note ?

USA treasury yields hit 1.62 last night I think at USA open there will be a tank. Markets concerned about the stimulus and inflation at the mo.

There’s an only saying the market doesn’t need oil at 100+ dollars a barrel. When that happens it’s actually negative on many difference levels.

Higher energy costs for consumers.

More drilling and explorering activity.

Need for shale drilling and domestic oil usage over imports (when it comes to USA).

Green initiative begins to look cheaper.

The sweet spot for oil producers has been $60s for a while now. Every time oil has breached into tripe figure level a crash comes later 07 16 this last shock has definitely shaken things up. Any more shocks in the near term would be disastrous.

I don’t think they will be quick to write up valuations. With the profits they will generate in 2021 they will want to use these write downs to offset taxes.

Also have you seen the news about USA stimulus there’s worry now it’s going to have the opposite effect I.e inflation and higher risks of a rate rise. If that’s the case then servicing a 40 billion debt at higher rates at pressure. Need to be balanced view whilst I see this closer to 400 by summer I’m not wearing rose tinted glasses as macro economics change daily. One min stimulus is great and needed the next day it’s seen as a negative go figure but good luck.

Maybe so but that’s what everyone else said when it hit 310 and fell back to 250 while Brent hit 64-65. I’d be cautious.

Also to add it seems like faith in tech hasn't completely wavered yet seems like theres support for buying on dips at the moment with it. A lot of analysts coming out the wood work saying to buy tech and Tesla. I wouldn't touch any with a barge pole I think majority of tech will lose 20%-30% share price value come end of the year.

Holding quite well oil making another last min push. 319p at these levels wonder what next week brings at the price oils at bp is lagging severly will it be let off the leash again next week or will it falter back to 304 the level I think it will go to if it does falter. Needs to break past 326 I think for it to find a new level of 344p. Excited and nervous at the same time watching with great interest. Also looking to see how this stimulus deal plays out over the weekend.

Next level after 326 is 344p but I think the resistance for mid 20s could be strong hence why I want to keep the powder dry if there is a drop.

I mainly use 1hr and daily. The daily hasn't heated up just yet but if you look back May 18th- 27th the price had strong resistance in the mid 320 region and same again between June 16-23rd.

I think there will be a bit of resistance here decided to top slice for the time being and see if there is a pull back RSI overheating.

“Oil prices could rip higher now that a tight market is likely up through the summer. WTI crude at $75 no longer seems outlandish and Brent could easily top $80 by the summer,” OANDA analyst Edward Moya said in a note.

Inflation worries treasury bonds are hitting new heights making government borrowing more expensive. It's annoying that tech is dragging the dow down as they will probably drag us down just after we were given some respite in today's rise.

Much later in the day don’t expect any news till after trading hrs impact of the meeting will be felt on Friday.

That’s a big drop to 275 not out of the question It’s where the 200ma is there abouts. I can’t imagine Russia wanting another war with Saudi neither of them came out well last time. I expect opec meeting to be somber business as usual and erring on the cautious side. I think the cuts will remain throughout 2021 too.

Markets may drag this down back to there. I suspect the resistance at 3 is waiting on the budget/opec meeting if those two are ok or better than expected then I can see us pushing higher. If not probably back to 272 up and down till April results.

No in particular markets only predicts an additional 50k bbl getting pushed into the market. Wouldn’t say 277 thing of the past but last weeks drop seemed a bit over done considering macro economics. TA wise says otherwise though rsi nearing the higher end.

Yeah it’s a shame the pound ain’t tumbling maybe after March 3rd budget

I have wondered about the current price and why it isn’t closer to 3.50 where it was last year when oil prices were significantly lower. When you do the math gbp at 1.2-1.3 equates to 3.5-3.23 at the current adr price respectively. Now at 1.4 we’re at 298 current price. It makes me think that possibly that 3.1 maybe the top end of things other wise we would of risen a lot more by now. It just boggles my mind trying to place where the share price should be.

Keep this date in the diary I'm interested in seeing the profit over this quarter pick up dare I say $1.5-2 billion