| Trade Idea Crude Oil (Oct 12) intraday: further upside. |
Pivot: 96.60
Our Preference: LONG positions above 96.6 with 98.05 & 99.5 as next targets. Alternative scenario: The downside penetration of 96.6 will call for 95.95 & 95.5. Comment: a support base at 96.6 has formed and has allowed for a temporary stabilisation. |
 |
Crude Oil – US Inventories Figure Turns Crude Bearish
A significantly higher than expected US Crude Oil Inventories figure yesterday signaled to investors that demand in the world’s leading oil consuming country may go down, and resulted in the price of crude turning bearish during afternoon trading. Overall, the price of oil fell by more than $1 a barrel throughout European trading to eventually reach the $96.31 level. A slight upward correction brought the commodity to the $97 level by the afternoon session.
Today, oil may be able to reverse yesterday’s bearish trend after the FOMC Statement at 16:30 GMT. Any announcements regarding a new round of quantitative easing may lead investors to speculate that demand in the US could go up, which could lead to crude turning bullish during afternoon trading.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
No comments:
Post a Comment