Oil continues to find it hard work, building on the bullish breakout of mid June, having moved into a sustained phase of price congestion over the last few weeks, as it continues to slide lower ahead of today’s oil inventories report.
Brent crude oil (BNO, quote) was steady above $108 as encouraging data from the world’s top two consumers helped raise the global demand outlook.
Brent crude oil (BNO, quote) looked poised to end the week with its largest weekly decline in four months.
Whilst commodities such as nickel and coffee have been offering longer term investors excellent returns this year, and with soybeans set to join the party with some good rollover returns, crude oil has promised much but delivered little.
The recent bullish trend for crude oil, appears to be running into a stubborn area of price resistance on the daily chart in the $104.50 per barrel area, the same level which saw the commodity sell of sharply back in early March.
Option Alert Service Signal New Trade Suggestion
Good Morning Readers…we wanted to address several questions that we have been receiving concerning High Frequency Trading otherwise known as HFT.
The room’s getting crowded, the party’s been going on a while but more people could arrive. Just beware fair weather friends and a sign it could be time to think about leaving…
Well the Fed minutes have come and gone and the worry and hesitance ahead of the release was unwarranted.
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.
