Top for this great Oil bull market since those negaSimilar extreme price activity in Oil.
One has to wonder if sometimes, the mood of one market has been transferred to others. It seems to have been a volatile emotional day all round. The difference in price behaviour on the day however, is that Oil has so far not seen any of the recovery equities achieved.
While Goldman Sachs has just come out with a $90 forecast this year, the forecast here is in exactly the opposite direction at $65.00. With further potential stretch risk as low as $61.50.
This forecast is based on both the price action behavior of the past week, what a reasonable correction to the huge trend from sub-zero would look like, and, the fundamental upheaval in OPEC perhaps freeing up production. While at the same time, demand could be foppish due to the extreme prices now being seen at the fuel pump.
The overall medium term upside pressure of the US dollar continued, reasserting itself significantly in New York.
