Quick Win Stock Forecast by the Algorithm: Bearish Forecast Delivers for CL1

Quick Win By The Algorithm

On June 14th, 2017, the I Know First algorithm issued a bearish forecast for Crude Oil: CL1. CL1 had a signal of -3.44 and a predictability of 0.28. As a result, in accordance with the forecast, the company’s stock decreased by 6.95% within 7 days, showing a quick win by the algorithm.

QUICK WIN stock forecast

Crude Oil (CL1) is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. 

The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly recorded in USD.

US crude futures due on July 15 fell 0.60% to $44.47 a barrel from its opening of $44.74, while Brent futures due on August 16 shed 0.42% to $47.17 a barrel from the opening of $47.37, as the dollar index rose 0.36% to 97.51 from the opening of 97.16.

Investors predict a drop in prices in 2018 and 2019 if US production continues its recent leaps. This could override OPEC’s (Organization of the Petroleum Exporting Countries) supply cuts by up to half a million bpd. Physical excess is overpowering any attempts by OPEC to balance the oil market. Prices are simply being pushed too low. There is speculation that this may be occurring because of rising output from Libya and Nigeria.

This bearish forecast on CL1 was sent to current I Know First subscribers on June 14, 2017. 

Before making any trading decisions, consult the latest forecast as the algorithm updates predictions daily. You can use the algorithm for intra-day trading. The predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.