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OIL - OPTISCAN IMAGING LIMITED


theflasherman

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In reply to: rossw on Thursday 18/12/08 08:15am

Rossw I would be a little cautious about going long on Oil at this stage until it breaks up or down.

 

Here is Colin Twiggs take:-

 

Crude oil is retracing after testing support at the December 2004 low of $40 per barrel. Expect resistance at $50. In the longer term, failure of support would offer a target of $25.

 

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In reply to: kelt on Thursday 18/12/08 07:20am

with opec saying they will cut 2mmbbl and the oil price drops 10% !!

 

this says

- no one believes opec can discipline its members , they will just keep pumping

- USA driving miles still falling fast and as the biggest user this matters

- china - india are not going to add much to the demand equation with USA demand falling

 

the Twiggs might be close

 

remember oil was under US$20 in 2001 and 2008 makes 2001 look like a good year

 

impact for our oilers would be the shutdown of some FPSO projects and more mergers to survive

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In reply to: bermuda on Thursday 18/12/08 05:38am

bermuda/others: I believe that the speculators that drove oil to close to US$ 150 will also try their level best to drive it to under US$ 30 - at least for a short period of time. The longer oil stays below US$ 50, the harder eventually oil-prices will go up again. Just a question of time. All purely IMHO, of course.

wasa

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In reply to: wasabibarako on Thursday 18/12/08 12:31pm

Not much doubt about that.

 

Bloomberg

QUOTE
Volume in electronic trading on the exchange was 578,537 contracts, as of 2:57 p.m. in New York. Volume totaled 593,607 contracts yesterday, up 17 percent from the average over the past 3 months. Open interest yesterday was 1.17 million contracts. The exchange has a one-day delay in reporting open interest and full volume data.

 

 

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