{"id":5388,"date":"2009-12-18T09:45:54","date_gmt":"2009-12-18T14:45:54","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5388"},"modified":"2009-12-18T09:45:54","modified_gmt":"2009-12-18T14:45:54","slug":"crude-futures-gain-back-some-lost-ground","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/18\/crude-futures-gain-back-some-lost-ground\/","title":{"rendered":"Crude Futures Gain Back Some Lost Ground"},"content":{"rendered":"

By Fast Brokers<\/strong> – Crude\u2019s recovery from sub-$70\/bbl levels is continuing today.\u00a0 The futures are now approaching their psychological $75\/bbl as investors snap up the oversold futures.\u00a0 It\u2019s difficult to give a definite reason for crude\u2019s rise today.\u00a0 From a weakening Dollar to a cold front in the U.S., analysts are pointing their fingers at a barrage of catalysts for crude\u2019s bounce.\u00a0 However, today\u2019s weakness in the Dollar has been benign thus far compared to its strength so far this week.\u00a0 Furthermore, it\u2019s uncertain how the U.S cold front will impact crude.\u00a0 Therefore, we may conclude that comments emanating from OPEC leaders that the major oil producing countries are not likely to increase production at their meeting on Tuesday is the driving factor behind crude\u2019s pop.\u00a0 Another positive catalyst for crude could be the strong Philly Index number yesterday, countering a weak showing from the Empire Index earlier this week.\u00a0 Healthy levels of manufacturing bode well for crude\u2019s outlook demand outlook.\u00a0 Meanwhile, we\u2019re about finished with data for the trading week.\u00a0 Furthermore, activity could slow down next week as investors check out early for Christmas vacation.\u00a0 Therefore, crude may soon return to its dependence on the Dollar following OPEC\u2019s meeting on the 22nd.<\/p>\n

Technically speaking, crude futures now have multiple uptrend lines serving as technical cushions along with the psychological $70\/bbl area and December lows.\u00a0 As for the topside, crude futures still face multiple downtrend lines along with 9\/17 highs and the psychological $75\/bbl level should it be tested.<\/p>\n

Price: $73.95\/bbl<\/p>\n

Resistances: $74.29\/bbl, $74.55\/bbl, $74.85\/bbl, $75.15\/bbl, $75.86\/bbl, $76.49\/bbl<\/p>\n

Supports: $73.69\/bbl, $73.12\/bbl, $72.84\/bbl, $72.43\/bbl, $71.78\/bbl, $71.28\/bbl<\/p>\n

Psychological: $75\/bbl, $70\/bbl, December Lows<\/p>\n

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

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

Disclaimer:<\/strong> <\/span>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> <\/span>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\u2019s recovery from sub-$70\/bbl levels is continuing today.\u00a0 The futures are now approaching their psychological $75\/bbl as investors snap up the oversold futures.\u00a0 It\u2019s difficult to give a definite reason for crude\u2019s rise today.\u00a0 From a weakening Dollar to a cold front in the U.S., analysts are pointing their fingers at … <\/p>\n

Continue reading “Crude Futures Gain Back Some Lost Ground”<\/span><\/a><\/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-5388","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5388","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=5388"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5388\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}