Take it from an old roughneck, oil is done for awhile. The Saudis are calling the shots, and with huge cash reserves, they can afford to drive the price far, far lower than it is now. It may not bottom until $20, maybe lower. As for the banks, get ready for another bailout or maybe even bailins. Why do you think Citi wanted (and Got) the derivatives push out portion of Dodd-Frank eliminated? They know what's coming. The $200B in junk debt they sold to the Shale drillers/producers is already seeing defaults. Most shale oil is not profitable below about $60. Did the banks bundle and sell the junk debt into CDOs like with the subprime mortgages? Nobody is saying but it wouldn't surprise me a bit.
Trading/investing without chart analysis is like bringing a knife to a gunfight.
