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oil prices, oil trading
Yesterdays oil inventories showed crude stocks rise by 3.1mn barrels last week, higher than analysts’ expectations of 2.2mn barrels.
News of the surprise rate hike in the US meant that the Dollar gathered strength, pushing oil lower. Once again we see the price challenging the $80 level, so one needs to see if it breaks [...]
Crude traded lower as the US Dollar rallied. The move out of the Euro and the Australian Dollar helped push up the Dollar Index, as traders sought the relative safety of the greenback.
Having rallied hard on Tuesday, some profits look to be have taken, so we are looking to see if the weekly inventories [...]
Crude rallied over 4% in trading yesterday following the extended weekend break in the US. As the Euro started pushing higher, the US Dollar fell, helping squeeze the price of oil higher. In the background, we also have escalating tension surrounding the potential for sanctions on Iran over their nuclear programme. Iran [...]
Oil rallied in trading as the US Dollar weakened against the Euro once again. We are trading at in and around the $75 level, with traders growing more confident that the global economy is moving away from a downturn following concerns in Dubai and Greece.
The year chart below shows the trend for 2010 is [...]
A bounce in capital markets and subsequent slip for the US dollar helped leverage a significant rally from oil Monday. This substantive rally, from the floor of a long-term rising trend, would punch in as the largest single day advance since December 23rd (back when the commodity was in the midst of its steady advance to new yearly high).
It is has been a bearish open to the year for crude. The commodity suffered its worst monthly decline since December of 2008 with a 12 percent tumble from the more than one-year high set earlier in the month.
Commodities – Energy
Crude Faces Volatility on FOMC, Earnings, Fading Stimulus
Crude Oil (WTI) $74.67 -$0.04 -0.05%
Oil prices continue to consolidate above support at $74.41. A bounce will see initial resistance at the top of a falling channel established from January’s [...]
Crude Oil Visual Trading Update
Current Trading Plan:
Position: SHORT
Last (12-01-2010) Closed position @ 81.50 (+$5.7)
Long: –
Short: Since 13-01-2010 @80.70
Exit by Stop Loss: @78.68
Technical Indicators Notes:
Yesterday we said “Nothing changed. Waiting for the rebound. Look how the 4H
RSI is confined in the 20-50 area. Bearish!”
More bearish action. Support has become resistance (4H) and this is where we
have [...]
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