A circle of friends, who have been getting my views for quite some time now, can attest to the fact that on Sunday, July 24th, i declared "crude oil will peak around101". So, this is the second time this year, that i have made a big call against the big speculators in crude oil, and won. The first was in february, when i expressed my idea that crude will hit support at 84 and bounce up. (Only few of you will know of this prediction). Also during the first call in february, my expectations were exceeded to the upside, because of Libyan war soon after that.
I have not done an update on oil for some time, and wanted to say that i remain bearish crude for intermediate term, with a target near 65. I would consider a bullish view on crude only if it crosses above 89. I do not follow crude oil regularly, due to lack of crude traders, among my friends.
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