It may get there sooner than you think.. but I would prepare yourself that a turn may not come quickly. It may bottom close to where you target, but this oil glut doesn't seem to show any signs of changing course soon. In other words, just stick with it and expect a lot of rollercoaster along the way. If you are not, don't buy it, because you'll bail out when it could lose another 15-20%.
It may get there sooner than you think.. but I would prepare yourself that a turn may not come quickly. It may bottom close to where you target, but this oil glut doesn't seem to show any signs of changing course soon. In other words, just stick with it and expect a lot of rollercoaster along the way. If you are not, don't buy it, because you'll bail out when it could lose another 15-20%.
Sound advice. It's definitely a bit gut wrenching. I think a double is definitely possible soon but it also may drop to 10 soon. It'll go up eventually but be prepared for some ugliness. My advice is be prepared to hold for awhile and don't look at price every day nowadays that just leads to stomach acid.
It will be interesting for sure to see how this all plays out. If oil stays at current levels for a long period of time, it's going to put a lot of pressure on those most expensive operators (deep off-shore drillers like RIG). They better have a fortress of money to see it through the other side.
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