Its saturday. Oil climbed higher to 112 usd, i dont remember any resistance till 147usd, if i were to trade by memory that is. I mentioned last week that i suspect it has broken another resistance, now im yet to look at the chart.
Reasons? This is the problem with our dominant left brain, it is thirsty for reason. For everything that goes up or down, we'll be scrambling to look for reasons and we're given just that on the news and updates.
Libya, Bahrain, Suez, Egypt? those aren't the reasons, we're made to think these few events affected the oil prices, so become scared of rise, and we become audience as the price continue to climb the wall of fear we built.
We're scared that when these events ended, oil price will drop. And they continue to feed u with more reasons, more events. The reason for the rise in oil is simple. The demand has slowly been inch-ing up due to the demand of China and India while the supply has slowly been inch-ing down.
The result? price goes up, and thats all. Its not easy to find true data on world supply n demand for oil. But if u really look for it u'll find one.
No fear!!!
