Technical Analysis


Oil came into the day on a three-day winning streak and looked to be extending that to four as gains stretched to $114.01 at the highs.

But a sharp turnaround started four hours ago and it finished just below $110.

One of the reasons was a comment from a US OPEC envoy who said he hopes the cartel will move to ‘step 2’ of efforts to increase supply. The sequencing reference in his comments suggests that the US pitched a plan to the Saudis, which obviously got some traction as they surprised the market last month by upping production.

Tomorrow is the OPEC+ meeting so we won’t have to wait long.

On the technical side, the top came in between the 50-61.8% retracement levels of the June swoon. That’s not a great sign for the bulls, nor is the (borderline) outside day today.



Source link

Articles You May Like

Dollar continues to hold steadier going into final stretch of the week
Singapore Non-oil Domestic Exports (NODX) June 2024: -0.4% m/m vs. +4.1% expected
PBOC sets USD/ CNY central rate at 7.1285 (vs. estimate at 7.2587)
Finding Your Ideal Broker | Forexlive
New Zealand global daily trade price index rises 0.4%

Leave a Reply

Your email address will not be published. Required fields are marked *