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The Egyptian President Mohammed Mursi said that the efforts on stopping the fighting between Israel and Palestinian factions in the Gaza Strip will be shown up very soon. Meanwhile, the January futures price of WTI retreated from month high and fell to 86.20 dollars a barrel on the NYMEX.
Commodity Analysis: The inside day near the midpoint of the recent range following the headline decline from the previous day may signal basing before crude makes another bull run. The rally from Wednesday’s low is impulsive and does warrant a constructive view against the Tuesday’s low.
Commodity Trading Strategy: Look higher against Tuesday’s low towards the top of the range.
LEVELS: 8404 8500 8616 8850 8976 9029
Prices of Oil rose by 1.3 % after information on the bomb explosion, which occurred near a military headquarters in the commercial center of Israel, where at least 10 people were injured. Note also that the efforts to reach a peace agreement between Israel and Hamas have not been reached last night. The cost of oil was also supported after publication of report on amount of oil in oil stocks which fell by1.47 million barrels to 374.5 million levels for the week ending November 16. January futures price of WTI rose to 87.64 dollars a barrel on the New York Mercantile Exchange.
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
On the H1 chart, the price is below 12 EMA (red) and 72 EMA (blue) indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Target: 86.80
basically quite predicted pullback price goes from level to level, though slightly sews, now again as dropped to around 86.50 which previously held the price is very good, so I expect that from the 86.50 price will come up to the top to 89.50 ....
Yesterday, Oil can't break the both high or low of the Thursday's candle. Oil still moved in small range and formed a second inside bar. So, now the newest inside bar will be the focus point. If Oil can break the yesterday's high, Oil may goes up to the 89.28 resistance level. But if Oil can break the yesterday's low, Oil may falls to the 85.71 support level.
Yesterday, Oil can't break the both high or low of the Thursday's candle. Oil still moved in small range and formed a second inside bar. So, now the newest inside bar will be the focus point. If Oil can break the yesterday's high, Oil may goes up to the 89.28 resistance level. But if Oil can break the yesterday's low, Oil may falls to the 85.71 support level.
The World oil prices corrected today and the January futures price of WTI finished at 87.09 dollars a barrel on the New York Mercantile Exchange after a ceasefire on conflict between Israel and Palestinian militants, which lasted for about a week and took lives of at least 160 people was established at the region.
.:good:
The World oil prices corrected today and the January futures price of WTI finished at 87.09 dollars a barrel on the New York Mercantile Exchange after a ceasefire on conflict between Israel and Palestinian militants, which lasted for about a week and took lives of at least 160 people was established at the region.
Spoiler: