| Trade Idea Crude Oil (Nov 12) intraday: under pressure. |
Pivot: 92.65
Our Preference: SHORT positions below 92.65 with targets @ 90 & 88.95. Alternative scenario: The upside penetration of 92.65 will call for 93.5 & 94.4. Comment: the immediate trend remains down and the momentum is strong. |
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Crude Oil – Crude Oil Tumbles to 1-Month Low
A significantly higher than expected US Crude Oil Inventories figure, combined with comments regarding the high price of oil out of Saudi Arabia, resulted in crude tumbling to a one-month low during afternoon trading yesterday. Overall, the commodity was down close to $4 during the European session, eventually reaching as low as $92.40 a barrel.
Today, crude traders will want to monitor news out of the US, specifically the Unemployment Claims and Philly Fed Manufacturing Index. Any better than expected news could lead to speculations among investors that demand for oil in the US may go up, which could help crude recovery some of yesterday’s losses.
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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