{"id":1585,"date":"2009-04-27T12:42:06","date_gmt":"2009-04-27T17:42:06","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1585"},"modified":"2009-04-27T12:42:06","modified_gmt":"2009-04-27T17:42:06","slug":"crude-daily-commentary-for-42709","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/27\/crude-daily-commentary-for-42709\/","title":{"rendered":"Crude Daily Commentary for 4.27.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The extreme volatility in crude continues.\u00a0 Just when you thought the crude futures had gained some positive momentum, they reverse course with a passion, smacking bulls in the face.\u00a0 The crude futures have crashed below our 2nd tier downtrend line and the highly psychological $50\/bbl.\u00a0 Crude bowed to our 1st tier uptrend line in the process, and is making investors question which trend is truly in control.\u00a0 The negative performance of crude comes in reaction to the Swine Flu.\u00a0 The outbreak of the Swine Flu will likely hit international travel, taking a large bite out of the airlines\u2019 consumption of crude.\u00a0 With weekly crude inventories missing sharply to the upside the past two weeks, the Swine Flu only saturates crude\u2019s aggregate supply, sending price sharply lower.\u00a0 To make matter worse, the present performance of crude could be pointing at a significant decline in U.S. equities.\u00a0 If the S&amp;P futures were to crash beneath our 2nd tier downtrend line, the selloff in crude could pick up from here due to their tight positive correlation.\u00a0 Negative performance in U.S. corporations hinders the demand side\u2019s recovery.\u00a0 Coupled with the supply shocks taking place, it is difficult to be positive on crude.\u00a0 On a lighter note, crude futures have managed to recover above April lows, keeping a glimmer of hope alive for the uptrend.<\/p>\n<p>Fundamentally, we find supports of $48.78\/bbl, $48.33\/bbl, $47.86\/bbl, $47.53\/bbl, and $46.79\/bbl.\u00a0 To the topside, we see resistances of $49.22\/bbl, $49.66\/bbl, $50.10\/bbl, $50.44\/bbl, and $51.02\/bbl.\u00a0 $50\/bbl turns becomes a key psychological barrier again while $45\/bbl serves as a psychological cushion.\u00a0 Crude is presently trading at $48.11\/bbl.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/4_27Crude.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/4_27Crude.jpg\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?PL080\" target=\"_blank\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/a>.<\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; The extreme volatility in crude continues.  Just when you thought the crude futures had gained some positive momentum&#8230;<\/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-1585","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1585","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=1585"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1585\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}