| Trade Idea Crude Oil (Nov 12) intraday: further upside. |
Pivot: 98.70
Our Preference: LONG positions above 98.7 with targets @ 100.7 & 101.4. Alternative scenario: The downside penetration of 98.7 will call for 97.5 & 97.05. Comment: the immediate trend remains up and the momentum is strong. |
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Crude Oil – Crude Hits 4-Month High
Crude oil briefly traded above $100 a barrel on Friday morning, its highest level in four months, as recent news out of the US and euro-zone encouraged investors to shift their funds to riskier assets. The commodity was not able sustain its upward trend for the rest of the day though, and proceeded to drop back down to just below the $99 level before markets closed for the weekend.
This week, oil traders will want to pay attention to several economic indicators out of the US, including Wednesday’s Building Permits and Existing Home Sales figures, as well as Thursday’s Philly Fed Manufacturing Index. Any better than expected news could lead to speculations that demand in the US will go up, which may lead to further gains for crude.
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
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