Daily Chart shows price breaking within the 103-108.5 consolidation zone, which opens up 103.0 as plausible bearish target. Furthermore, last Friday’s candle is a Doji, which came after Thursday’s close under 108.5 level. Together with today’s bearish candle, it seems that the possibility of a climb back above 108.5 is more and more remote, affirming the likelihood of a 103.0 push. Fundamentally, without any wars going on, it is unlikely that Crude Oil will be able to go back up to the 2013 highs especially since global economy growth rates do not justify oil at such high premiums. Furthermore, we can see from inventory levels that implied demand for crude oil is actually falling, not climbing. As such, we may have seen the highs of Oil in 2013 already, unless US Congress is eying for blood.
Posted on: Mon, 02 Sep 2013 07:15:28 +0000
Trending Topics
Recently Viewed Topics
© 2015