Oil

All eyes are now fixated on the upcoming Federal Reserve monetary policy announcement, with a cautious recovery in S&P 500 index futures ahead of the opening bell on Wall Street hinting traders are looking for a supportive gesture from the central bank.

There is some inverted hammer candle in daily chart yesterday, it may turn the direction of trend lets wait for one more daily candle confirmation.

Oil prices have declined very sharply during August over the concerns of the US credit rating economic growth and the effect of the falls in the US stock markets

Crude oil prices remain firmly anchored to sentiment trends, with prices closely tracking the S&P 500. Futures tracking the benchmark stock index are firmly in positive territory ahead of the opening bell on Wall Street, opening the door for profit-taking to produce a corrective rebound after yesterday’s brutal selloff across the risky asset spectrum.

Prices continue to stall near support at $81.57, the intersection of the 23.6% Fibonacci retracement level reinforced by the lower boundary of a falling channel set from the May swing high.

I missed the oppurtunity to buy when i saw hanging man candle on Tuesday daily candle, yesterdays candle also Dogi which suggested some god up movement and we saw some huge movement today.

the door for profit-taking to produce a corrective rebound after yesterday’s brutal selloff across the risky asset spectrum. Weekly US jobless claims figures headline the economic calendar, with mixed results expected as initial applications for benefits nudge higher while extensions inch lower.

As with oil, US weekly jobless claims figures represent the next major inflection point. Notably, the macro-level headwinds facing the global recovery remain broadly unchanged, so the path of least resistance favors risk aversion and any near-term improvement

Weekly US jobless claims figures headline the economic calendar, with mixed results expected as initial applications for benefits nudge higher while extensions inch lower.

Crude oil prices remain firmly anchored to sentiment trends, with prices closely tracking the S&P 500. Futures tracking the benchmark stock index swung into positive territory in European hours having traded lower in Asia after France, Spain, Italy and Belgium imposed short-selling bans to stabilize markets.