Anyone have a view on the current Brent Crude Price?

[User]

In answer to the original question. I trade Crude Oil as Brent simply follows.

Have traded the price of Oil for nearly 9 years.
My system was short from early Jan to Early Feb.
Systems caught the longside in the middle of Feb which was exited at 7820.
Systems have gone long again at 8080 which is showing around a 140 gain but was showing more at $83. This signal should lead to higher prices should the $80 mark hold. I expect $85, $87 and perhaps $90 further out.

You can see my projections from the chart attached.

I here that many agree that the values are a representation of the future? Some even suggest that we have so much supply and fundementals suggest price should be lower?

Ok thats fine, I won't have the time nor do I give any significance to fundementals in my trading as price and technicals are solely significant to me. But if for a moment we agree that the price is a representation of the future and if for a moment we dwell on fundementals then perhaps I should leave you with one fundemental in itself: OIL WILL RUN OUT!

Kind Regards
User

 

['Scope]

Unknown realities as you say, implies the future, which might affect future price. Price at present is what all participants have agreed on with present factors known, therefore no one should dispute that current price. We can only position ourselves with our perception of how events will unfold in the FUTURE.

I personally think just because whilst current price traded cannot be disputed that doesn't mean it is a reflection of the true value. You only have to cut a loser to know that. Suppose it all depends on the time-frime you're looking at though.

Also, when I said "Unkown economic realities" i didn't mean to imply the future I meant un-analysed and/or undisclosed past and present information. Though you could use that "price reflects the total sum knowledge of market participants" arguement which would completely invalidate my own opinion.
Dunno, suppose you fall into one of two camps on the issue.

Anyway what you think of oil? I've been long Apr (in and out several times rather than holding lol) since 8039.