Wouldn't it suggest a commodities inflationary period if oil becomes more expensive? Maybe oil is a leading indicator to other commodities. Like Silver - although many here would consider Silver as money as well as a commodity. I looked at this chart today after seeing oil was rising above $100 on Kitco. The chart looks like not a bad prospect for a breakout not too far up ahead. A break with volume above $105 would be pretty convincing. Or even earlier. The 50 day moving average has already crossed above the 200 dma.
to learn more about oil, look at all the podcasts on financialsense. there are probably 2 dozen. teach you all you need to know. It is not for nothing that oil has been called "the trade of the century"...
Can anyone come up with a chart of longer term, say decade, monthly or weekly chart of WTI Crude? And here's the same chart in the other major currency - Euro. Looking even more bullish. Looks about to break out any day.
Eumundi will give you 6mnth, 12mnth 5yrs, 10yrs...all the way back to the 80's http://www.indexmundi.com/commodities/?commodity=crude-oil-west-texas-intermediate&months=360
Whether the chart says it or not (I think it does .....except MACD is above the line). Peek oil is in our past. There is no cheap oil left and consumption is increasing. It's possible it will go down but long term, there is only one direction for oil. Imagine when the reserve currency changes from the $US. How will America buy oil? Check this out...Very informative. A real eye opener. http://www.youtube.com/watch?v=F-QA2rkpBSY
Good close this week. Crude hasn't closed the week this high since February 2011. Here's the link to Market Club's video on Thursday. He says "This is a new bull market", and is plainly excited by the trading prospects. My neighbour has a conservative broker adviser guiding her p/f. She is largely in cash but the adviser bought Woodside (WPL) for her a couple of weeks ago. Not in Woodside myself. Santos (STO) had a good Half Yrly I heard - haven't looked yet. My only exposure to oil is via BHP and the highly spec Neon Energy (NEN). A bullish commodity does not ensure a bullish producer of that commodity as any gold stock owner knows. His commentary on oil starts at 4.30: http://www.youtube.com/watch?v=_uuNfd0zvl8
Not really, as it turned out back in January (start of thread) WTI Crude did mount a short 2 week rally which fizzled, then into a steep 4 month decline which took it back to the Aug/Sept 2011 lows around 77 bucks. Now its been on the way up again for 7 weeks. There's maybe the possibility here of a completed flat ABC correction of the Apr 2011 high? A breather of enough duration to tackle the all-time high of 2008? http://www.aboutcurrency.com/Rates-Charts/crude-oil-charts.shtml
