Petrochina Has been Going To be Lower

Spiking oil price in Nymex Future Trading would be corrected by tightening derivative credit standard. As we have seen in March and April, commodity has been drop because of margin call as the Fed begins to consider the impact of higher oil price to inflation. A rumor spread that the fed asked banks to do margin calls. I think however oil price cannot be able to rise too fast.

According to geopolitical in north Iraq, Bush Diplomatic that urges Saudi to pump more oils, and The Fed that tends to intervene into free market, I am sure even though oil price always spikes it will be corrected frequently. Lets see my TA below, in short term I bet Petrochina will be down to $120 in the next several trading days.



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