| Crude Oil (Nov 12) intraday: the downside prevails. |
Pivot: 89.00
Our Preference: SHORT positions below 89 with 87.6 & 86.4 in sight. Alternative scenario: The upside penetration of 89 will call for a rebound towards 89.85 & 90.5. Comment: technically, the RSI is below its neutrality area at 50. |
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Crude Oil – Oil Tumbles amid Global Economic Fears
The price of crude oil tumbled close to $3 a barrel during European trading yesterday, as concerns regarding slow global economic growth led to speculations that demand for oil could decrease. The commodity fell by more than $2.80 to reach as low as $88.62, before a slight upward correction brought prices to the $88.90 level.
Today, traders will want to monitor economic data out of the US, particularly the weekly unemployment claims figure. Any better than expected news may signal to investors that demand for oil in the US will go up, which could result in the prices moving upward.
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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