Weekend April 21 2024
J P Morgan predicts oil at $190-380 if Russia cuts production
Crude Oil had a huge daily range Friday on the Israel attack on Iran. The Morgan speculation is interesting. The Saudis and Russia would not need an outright embargo, just reduce the oil supply. It would be a shrewd move especially if Putin bought a limit number of crude oil calls on various exchanges before he did it. What a great way to finance his war. crude oil remains in an uptrend.
ETF DIG has been the best performer and had a 2.2% up day.
DIG finds support at the llast di p occuring near the end of March.
Transocean RIG shows a simillar pattern and was up just over 2% Friday. RIG is trading at only 45% of book value. That makes the stock at less than $6 a sort of cheap option bet on oil with no time expi ration.
RIg did not jump when oil hit 100+ last summer, apparently share buyers did not think it wo uld last but, with WTIC at bottom RIG has
been more ore or less tracking the rise in the oill price.
Halliburton HAL
HAL has cleared all of its monthly moving averages which is ceret\ainly a buy signal.
I have stated many times that a downturn in the Mag 7 and the NDX would end the rally, that has now happened.
RSI at top and PMO at bottom both collapsed.
the weekly chart really makes the point.
A counter move back up this next week seems reasonable, that would be a good chance to addd to HDGE.
NVDA, I have read numerous reports that NVDA was just getting warmed up, great potential over $1,000, etc well not quite
That is a 10% drop in one day. Stocks fall seven tiimes faster than they rise.
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