Oil ‘Astrologer’ Predicts Bears till Aug 18
The man who accurately predicted four market crashes to the exact date recently told Business Insider about his calendar prediction for when oil prices would start to significantly slump again. Sandy Jadeja is a technical analyst at Core Spreads.
Jadeja says there is a specific time period to watch out for. “Interestingly if we take a look at the chart, we can clearly see the technical indicator on the lower portion of the chart showing a po
tential move to lower prices,” Jadeja said. “This is a well-known seasonal effect that many commodities tend to follow and can be utilised for profitable trading.
“By observing data patterns we also note that there is an 80% probability of lower prices from July 2, right through to August18. These type of patterns can be very useful to short-term traders who are either looking to profit from short-term trading opportunities or the longer-term trends as shown on the chart.” But oil is a tricky one.
Oil, which cost over $110 a barrel in June 2014, is now trading at about $45 a barrel. At one point this year, it was touching $20 a barrel. So considering oil’s current level, it looks as if prices are in a recovery.
But Jadeja said there would be a period of further downside trading that could provide a good opportunity to short sellers — people who bet against the performance of a company or asset and profit when the company stock or assets fall.
“At Corespreads.com traders can benefit from tight spreads by taking a view on this commodity and seeking to benefit from falling prices if this downtrend continues,” Jadeja said. — Business Insider
Sandy Jadeja Lianna Brinded