Around here, a country with a US$ 300.00 a month minimum wage, a gallon of gasoline cost US$ 6.19. Dominican Republic gas prices are supposedly indexed by law to international oil prices, and as they say in the Commerce Ministry “si sube sube, si baja baja”, meaning that if oil prices go down our gasoline will follow, so personally and for obvious reason I would like oil prices going down forever, and hope that the Ministry will uphold the law.
Oil and Gas reached its immediate target at 646.02, surpassing it by almost 2% briefly; the volatility is increasing slowly reflected in the increasing BB bandwidth, growing volatility signals decreasing prices most of the times.
My support line at 629 is still holding, it was touched briefly last week but price managed to close higher, the uptrend is still on, a daily close this week below 629 will signal the end of it.
So this is what I would do with this group:
If long, I will be selling soon.
If with no position I would not buy or short oil&gas now, a closing below the support line does not necessarily means an instant drop, prices could zig-zag for a while and start going up again. The last is my line of thinking right now.
I don’t have a position in Oil and Gas.
שָׁלוֹם to all,
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