Financial newsletter for 25-29 August
"If gold and oil donít trade positively on Thursday and Friday, this will be terrible news for metals and oil. I shall therefore issue a very important update on late Thursday."
In this week's newsletter "oil" section we mentioned:
On Friday we had the single biggest fall in a day for oil prices during four years and I am not still positive on all commodities at this stage. We are still in a weak trend and a rising trend should therefore be taken as a selling opportunity.
This week oil, heating oil and RB gas will trade sideway or weak from Monday to Wednesday. There will be a sharp rising trend from late Wednesday to Friday, therefore cover any short position on mid Wednesday. If oil is however weak on Thursday and Friday and declines, this will be a bad sign and could herald it worst in seven years.
Oil may soon drop to below $100 if it remains weak on Thursday and Friday. Thursday and Friday are therefore very important days for oil and I will come out with alert on late Thursday or Friday monring.
Final Note: I don't want you to make any decision in hurry so wait for tomorrows update and this week letter as we want to see how Fridays is trading.
Thanks & God Bless
Mahendra Sharma 7.00pm Thursday