*Versatiletrader, lol, You've been saying oil to the 30's for over 4 months now! As far as my T/A goes, the current trend and technical analysis doesn't call for $35 oil or even $45. I'm taking it one step at a time, In January I pointed out the chart pattern that would take oil to $69/barrel. Back then the markets were still stupid, and currently the markets still are stupid, as far as I'm concerned, as long as the Dow holds 10,000 and oil & gas hit record highs... the market is stupid...
Back then no one was talking of $69/barrel, every ANALyst on T.V. was speaking of oil in the 30's... or in a "trading range" in the 40's... or other wretched b.s. Meanwhile someone somewhere with lots of money was accumulating oil stocks, pull up the XOI chart and you'll see that in January when everyone was bashing oil, SOMEONE was accumlating the oil stocks, and it wasn't stupid money either as we've witnessed!
Now here we are, that $69/barrel formation is still in tact. The current trend is higher, we will see how all-time high resistance of not too long ago does next week, if it breaks, you bet I'll be standing by my $69/barrel forecast, if it doesn't I will reaccess the situation. Of which, the two current strong support levels are the 50 day SMA at $51.50 and the extremely strong support at the $45 area...
Here's the XOI so you can see that "SMART" money was accumulating the oil stocks as they were being bashed by none other then the mass media (to start out the year)...
Market Data 
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