Analys från ForexYard
Crude Oil (NYMEX) (Q4) MT: under pressure.
Pivot: 107.8
Our preference: Short positions below 107.8 with targets @ 97.4 95.1 in extension.
Alternative scenario: Above 107.8 look for further upside with 110.75 112.25 as targets.
Comment: Technically the RSI is below its neutrality area at 50. The contract has pushed below a rising trend line and has negated the upward breakout of a bearish trend line. A drop is expected.
Supports and resistances:
112.25
110.75
107.8
101.75 Last
97.4
95.1
91.25
Copyright 1999 – 2014 TRADING CENTRAL
Pivot: 116
Our preference: long positions above 116 with targets @ 123.8 126 in extension.
Alternative scenario: below 116 look for further downside with 113.85 110 as targets.
Comment: the RSI is well directed.
Supports and resistances:
127.7 **
126 ***
123.8 ***
121.628 Last
116 ***
113.85 ***
110 **
Copyright 1999 – 2016 TRADING CENTRAL
Pivot: 32.8
Our preference: long positions above 32.8 with targets @ 34.84 35.9 in extension.
Alternative scenario: below 32.8 look for further downside with 31.7 30.6 as targets.
Comment: the break above 32.8 is a positive signal that has opened a path to 34.84.
Supports and resistances:
36.7
35.9
34.84
33.58 Last
32.8
31.7
30.6
Copyright 1999 – 2016 TRADING CENTRAL
Pivot: 35
Our preference: short positions below 35 with targets @ 26 23.3 in extension.
Alternative scenario: above 35 look for further upside with 38.5 43.5 as targets.
Comment: investors have to remain cautious since these levels may trigger profit taking.
Supports and resistances:
43.5 **
38.5 **
35 ***
33.82 Last
26 ***
23.3 **
20 **
Copyright 1999 – 2016 TRADING CENTRAL
- Tightening fundamentals – bullish inventories from DOE
- Bombs to ”ceasefire” in hours – Brent below $70
- A muted price reaction. Market looks relaxed, but it is still on edge waiting for what Iran will do
- Very relaxed at USD 75/b. Risk barometer will likely fluctuate to higher levels with Brent into the 80ies or higher coming 2-3 weeks
- Brent needs to fall to USD 58/b to make cheating unprofitable for Kazakhstan
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