Oil Symmetrical Triangle Intraday
June 11th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Really quick, watch that symmetrical triangle forming on the intraday charts. Translation: Breakout higher from previous range possible. It could go sharply higher on this formation.
West Texas Intermediate Crude, 1 Hour Interval
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Ha this is a devil of a chart.
Looks to me like the time is coming where oil will be a commodity whose ownership will be taken over by nation states. Not the pumping of it, but the management of cost is going to be wrested from corporations, and taken over by governments worldwide.
It would be about time already.
Yup. Hide and watch.
I say take your bets now and get the hell out of oil.
Methinks with airlines, farms, private travel etc all subject to corporate oil price whims, the pain of the oil cost is about to be shared. Nationalized. Communist-ized.
Peoples take your money and run.
The party I think is about to be over for the oil companies.
The Shrub himself will probably announce such an audacious plan, and his dismal approval record will go up to about 10, alright, a charitable 30 percent.
But the oil companies continuing to garner such profits when the rest of the world sulks, bulks, and goes into spasms over the price of oil?
The current policies will not stand.
Methinks governments around the world should seize corporate control of oil.
Not that this would change that the supply of oil will someday run out, but at least for better or worse, control of the substance needed to make the world go round should be taken away from those who profit from the world’s pain.
Bite me Exxon.
Eileen, that is stealing. The government does enough of that as it is. It is necessarily antithetical to liberty and, really, just plain wrong.