WTI Targets and Tells
The Saudi's are playing the long game and the long game is to disable the competition and gain market share. They've always been rather good at that. Historically one of the tells of a market top/bottom is the announcement of some whale hitting the wall, Sem Group at the 2008 $148 WTI high, Chesapeake (Mclendan) at the 2012 $1.90 nat gas print etc. Waiting with bated breath. Meanwhile the .76 retrace of 32 to 114 is $52...be nice to get a dead whale, a couple CEO announcements re permanently cheap oil and a 52 print at the same time. The .78 retrace is at $50.