Crude’s break above 83.00 has been bullish for oil, but we’ve recently run into resistance at 88.00. Any pullback to 84.00/50 will be seen as a buying opportunity in expectation of another move back to 88.00.
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Crude’s break above 83.00 has been bullish for oil, but we’ve recently run into resistance at 88.00. Any pullback to 84.00/50 will be seen as a buying opportunity in expectation of another move back to 88.00.
rude is positioned to move higher amid a broad-based pickup in risk appetite, with S&P 500 stock index futures pointingfirmly higher ahead of the opening bell on Wall Street
second consecutive quarter to confirm a technical recession despite a slightly smaller decline than economists predicted. Rather, it seems deeply oversold conditionsare a more probable explanation.
The European Central Bank will also announce the size of its periphery bond purchases since the policy meeting two weeks ago, giving an indication of the scheme’s effectiveness as well as the central bank’s conviction to carry it out.
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.
Prices took out resistance at $85.20, the 38.2% Fibonacci retracement level, to push up squarely against the 50% boundary at $88.14. A push above this juncture exposes the 61.8% Fib at $91.07. The 38.2% mark has been recast as near-term support.
Sizing up the technical landscape, prices took out resistance at $85.20 – the 38.2% Fibonacci retracement level – to push up squarely against the 50% boundary at $88.14. A move above this juncture exposes the 61.8% Fib at $91.07. The 38.2% level has been recast as near-term support.
Crude prices continue to track broad-based risk appetite trends, with a pullback seemingly in the cards as S&P 500 stock index futures trade aggressively lower ahead of the opening bell on Wall Street.
If the sit-down produces an expansion of the EFSF bailout fund, a recovery in risk appetite seems likely to lift the spectrum of sentiment-sensitive assets including the WTI contract, and vice versa.
the policy meeting two weeks ago, giving an indication of the scheme’s effectiveness as well as the central bank’s conviction to carry it out. The news may prove to set the tone for sentiment at large and thereby for the WTI contract as well.