The price of crude oil fell by more than $2 a barrel during the first half of the day on Friday, as the threat of a military conflict over Iran’s nuclear program seems to weakened for the time being, which has led to a drop in supply side fears among investors. After trading as low as $88.96 during the mid-day session, crude was able to stage a slight upward correction before closing out the week at $89.92.
This week, crude traders will want to pay attention to news out of the US, particularly Thursday’s trade balance figure and a consumer sentiment indicator on Friday. Any better than expected news may lead to speculations that demand for oil in the US will go up, which may help the commodity reverse some of Friday’s losses.
| Crude Oil (Nov 12) intraday: the downside prevails. |
Pivot: 91.25
Our Preference: SHORT positions below 91.25 with 87.7 & 86.9 as next targets. Alternative scenario: The upside penetration of 91.25 will call for 91.8 & 92.9. Comment: technically, the RSI is below its neutrality area at 50. |
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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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