Bullish momentum for oil now coming to an end?
Last week was a volatile one for crude oil futures, with the April contract closing the week at $102.58 a barrel having touched $105 per barrel at the start of the week.
Last week was a volatile one for crude oil futures, with the April contract closing the week at $102.58 a barrel having touched $105 per barrel at the start of the week.
As we begin the week on increase turmoil between the Ukraine and Russia(RSX, quote) energy traders are seeing the highest crude oil prices since September of last year as producers are fear political driven supply disruption.
ETF Outlook for Thursday, January 9, 2014.
Well the Fed minutes have come and gone and the worry and hesitance ahead of the release was unwarranted.
Crude oil continued its bearish tone once again last week, closing the oil trading session on Friday at $94.61 per barrel for the December futures contract. With the fundamental picture now calming, the technical element is taking center stage, and in the last few weeks crude oil has breached several key levels, as outlined in previous posts.
U.S. futures are riding yesterday’s momentum of positive U.S. economic data refueling speculation the Federal Reserve may opt to taper its $85 billion stimulus program sooner rather than later.
An interesting phase of price action for two of the most precious commodities over the last few days, with both gold and oil, testing key tipping points on the daily chart.
The WTI September crude oil futures contract is now building into an interesting phase of price action, and in many ways is mirroring a similar period between May and July 2013, where the commodity oscillated between $92 per barrel to the downside and $98 per barrel to the upside, before finally breaking out.
May crude oil futures continued to climb higher once again in yesterday’s trading session, closing at $96.51 per barrel, with a narrow spread up candle with wicks to both top and bottom on the daily chart.
Morning Coffee Break – Monday April 1 In today’s Morning Coffee Break we find as traders come to their trading systems after a 3 day weekend and the start of the second quarter have several milestones to build on from record closes on the Dow and S&P 500.
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