The reports stoked hopes Beijing would slow its efforts to slow the economy implemented to prevent overheating, thereby boosting confidence in the overall global recovery.
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The reports stoked hopes Beijing would slow its efforts to slow the economy implemented to prevent overheating, thereby boosting confidence in the overall global recovery.
Prices edged above resistance at $85.24, the 38.2% Fibonacci retracement of the 7/26-8/9 decline, exposing the 50% level at $88.18. While RSI studies continue to point to oversold conditions, the penetration higher was very narrow, so betting on strong conviction given recent volatility solely on the basis of a hairline penetration above a minor technical level seems ill-advised. Initial support is found at $81.60.
The pickup in risk appetite bodes well for crude, hinting the WTI contract might finish a volatile week on an up note. Looking ahead, all eyes are US Retail Sales and University of Michigan Consumer Confidence figures.
betting on strong conviction given recent volatility solely on the basis of a hairline penetration above a minor technical level seems ill-advised. Initial support is found at $81.60.
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.
Prices edged above resistance at $85.24, the 38.2% Fibonacci retracement of the 7/26-8/9 decline, exposing the 50% level at $88.18.
betting on strong conviction given recent volatility solely on the basis of a hairline penetration above a minor technical level seems ill-advised. Initial support is found at $81.60.
The pickup in risk appetite bodes well for crude, hinting the WTI contract might finish a volatile week on an up note. Looking ahead, all eyes are US Retail Sales and University of Michigan Consumer Confidence figures.
Prices put in a Long-Legged Doji candlestick above support at $84.72 – the 38.2% Fibonacci retracement of the rally from the March 2009 low – hinting a corrective bounce is ahead. Major rising channel support-turned-resistance lines up at $92.77. Shorter term, the break above $84.91 exposes $90.62.
oil abhi shant ho gaya hai , bahut badan badi kiya peechle week me, abhi aur rally ke liye start ho jayo par thode time ke bad