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Bad news, energy bulls and bears: Oil is not going to either $25 or $75 a barrel

With OPEC and Russia negotiations in play this week, I have been getting a lot of emails from investors about oil.

Many have strong opinions. Some think oil CLN7, -5.16% is going to go down to $25 a barrel. Others think it is going to go up to between $75 and $100.

Given my history of providing high-conviction opinions that have often been contrary, both bullish and bearish oil investors seem to want me to agree with their arguments. Take a look at the annotated long-term chart of oil. The chart is of a continuous futures contract, and for the sake of accuracy, I have not updated it.

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