{"id":1374,"date":"2009-04-14T10:17:56","date_gmt":"2009-04-14T15:17:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1374"},"modified":"2009-04-14T10:17:56","modified_gmt":"2009-04-14T15:17:56","slug":"crude-daily-commentary-for-41409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/14\/crude-daily-commentary-for-41409\/","title":{"rendered":"Crude Daily Commentary for 4.14.09"},"content":{"rendered":"

By Fast Brokers<\/span><\/p>\n

Crude futures have experienced some eye-popping volatility over the last couple sessions, fluttering between our trend lines.\u00a0 The indecisive movements reflect investor uncertainty concerning the economy as a whole.\u00a0 While investors are not willing to give up on the uptrend, the downtrend is still sitting in the driver\u2019s seat with investors unwilling to commit above our 2nd tier downtrend line.\u00a0 The highly psychological $50\/bbl area continues to play a lead role as prices are gravitating here.\u00a0 Naturally, the key driving force behind the demand structure of crude is the overall health of the U.S. economy.\u00a0 Energy investors are waiting to see if the recovery in U.S. equities is legitimate before extending the rally in crude beyond the present fundamental hindrances.\u00a0 Investors are now being bombarded by news from the supply side after OPEC stayed quiet for quite some time.\u00a0 Crude imports are rising considerably from Russia and Brazil, likely an aftereffect from Obama improving upon diplomatic relations with the two nations.\u00a0 OPEC is vocalizing its discontent over the development since a rise in imports from Russia and Brazil dilute their massive production cuts implemented over the last 6 months.\u00a0 The new sources of crude are placing a new downward pressure on the price and could have a noticeable impact for the time being.\u00a0 We wouldn\u2019t be surprised to see a more aggressive reaction from OPEC if the trend continues with the possibility of more production cuts on the table.\u00a0 Despite the developments supply-wise, crude futures should still maintain a positive correlation with the S&P futures, though they may be less inclined to fully participate in any large movements to the upside.\u00a0 We may not have to worry about that today since the economic data disappointed analysts this morning, showing a surprising decline in PPI and Retail Sales.\u00a0 These numbers raise a red flag, cautioning that the recent improvement in consumer sentiment could be short-lived, placing more downward pressure on crude futures.\u00a0 Fundamentally, we find resistances of $50.39\/bbl, $51.03\/bbl, $51.59\/bbl, $52.02\/bbl, and $52.49\/bbl.\u00a0 To the downside, we see supports of $49.81\/bbl, $49.28\/bbl, $48.87\/bbl, $48.37\/bbl, and $47.79\/bbl.\u00a0 Crude futures are presently trading at $49.98\/bbl.<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/a>.<\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – Crude futures have experienced some eye-popping volatility over the last couple sessions, fluttering between our trend lines…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1374","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=1374"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1374\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}