Brent has been particularly kind to me, falling almost perfectly in sync with my general direction forecast arrow.
This week I am expecting much of the same, WPL is around 76 and it also happens to be where a trend line from 2008 is. I don’t pay too much attention to trend lines, as I could just as easily draw a slightly different one depending on my methodology which intersects here at a much lower price of 65. However, the trend line coupled with WPL may prove to give us an indication of how far oil will slip depending on how it behaves (if/when) it gets there.
This week I am expecting much of the same, WPL is around 76 and it also happens to be where a trend line from 2008 is. I don’t pay too much attention to trend lines, as I could just as easily draw a slightly different one depending on my methodology which intersects here at a much lower price of 65. However, the trend line coupled with WPL may prove to give us an indication of how far oil will slip depending on how it behaves (if/when) it gets there.