The price of crude oil increased by more than $1.60 a barrel on Friday, as signs of economic expansion in the European Union, highlighted by positive German news, led to risk taking in the marketplace. The commodity, which traded as high as $88.51 during the afternoon session, closed out the week at $88.25.
This week, oil traders may want to pay attention to a batch of US news, including consumer confidence and home sales data, followed by a GDP report. Better than expected news could lead to additional gains for oil. In addition, Wednesday’s crude oil inventories figure will provide important clues as to how high US demand for oil is. Lower than expected inventories would be a sign of increased demand, and may result in oil extending its bullish trend.
| Crude Oil (Jan 13) intraday: the bias remains bullish. |
Pivot: 87.40
Our preference: LONG positions above 87.4 with targets @ 88.6 & 89.15. Alternative scenario: The downside penetration of 87.4 will call for a slide towards 86.2 & 85.15. Comment: the RSI advocates for further upside. |
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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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