Knowing when you’re pushing oil barrels uphill

The study below shows the percentage that the WTI Crude Oil price was trading above its 200 week moving average.

When combined with my other studies and metrics, (albeit I couldn’t predict this week’s 10% decline) the probability of the oil price embarking on an extended advance was waning.

More so (subjectively observed), when the financial media noise increased surrounding the various analysts saying $100 was inevitable.

This coincides with my note written 2 weeks earlier.

The high was $95, it is now $82, may see you at $73.10.

Better yet, we may see much cheaper shares in energy companies.

October 6, 2023

by Rob Zdravevski

rob@karriasset.com.au