Will the Saudi's lower the price of oil

[wig]

Originally posted by Vick@Apr 19 2004, 04:41 PM
Ok Wig,
when will Oil peak and when/where will we see a drop in price and where does it go from there

I eagerly await your answer

Sorry Vick.... stepped away to play with my son and eat dinner.

Okay... first, understanding that we are in an up trending market, there are going to be intervening peaks. Some important, some not so.

This year, two dates stand out as potential peaks to me. One I mentioned the other day to Serge which is right now -- April 19-20th.

The other is the end of June (6/24-30th). This represents my "time period(s)" for 2004.

For price. All my price levels are scattered between 38.00 and 44.50.

So far we have reached 37.42/CLM

In early March I said.... "Short term, a weekly close above 36.10/CL will reinvigorate the uptrend and target 44.50/CL".

We have not even reached the lower end of my price range but have rallied into a key cycle period. As a result, i expect that we see a short term high here, followed by a rally into the end of June.

IF the above is true, and we rally into June after a reprieve from here, AND the rally takes us to 42.00-45.00/CL I would speculate to say that is the high for this year (if nothing else, a very important intervening high).