Thursday, August 4, 2011

Contrarian Call---HIGHER OIL

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ITZ has taken the contrarian position on WTI Crude Oil, whereas the most analysts are calling for lower oil prices that will drive the stock market higher. ITZ is in the camp that if the economy improves, then energy demand will rise. Several weeks ago ITZ was pounding the table on the metals -gold & silver- calling a bottom on Silver Wheaton (SLW) around $30 and that silver would most likely retest its highs and even reach $50 by year end. Now the bullish call is for WTI crude oil and the forecast that it is heading higher, targeting $120 in early 2012. Below ITZ has assembled some charts that are testing key levels.

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