{"id":5663,"date":"2010-01-05T12:24:31","date_gmt":"2010-01-05T17:24:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5663"},"modified":"2010-01-05T12:24:31","modified_gmt":"2010-01-05T17:24:31","slug":"crude-futures-hold-strong-above-80bbl","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/05\/crude-futures-hold-strong-above-80bbl\/","title":{"rendered":"Crude Futures Hold Strong Above $80\/bbl"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Crude futures are holding strong above their psychological $80\/bbl level as cold fronts continue to hit the U.S. and UK.\u00a0 Harsh winter weather is increasing demand for heating oil, a positive catalyst for crude.\u00a0 Furthermore, tensions in the Middle-East along with encouraging manufacturing data from both the U.S. and China are contributing to crude\u2019s strong performance.\u00a0 However, crude still faces 2009 highs and the psychological $80\/bbl area proved to be a tough trading zone in the past.\u00a0 Meanwhile, investors are looking forward to tomorrow\u2019s ADP Non-Farm Employment Change data.\u00a0 A turnaround in U.S. unemployment sparked December\u2019s rally in equities and crude despite positive movements in the Dollar.\u00a0 Hence, it will be interesting to see how investors react to tomorrow\u2019s ADP figure should it print above or below analyst expectations.\u00a0 That being said, crude\u2019s correlation with the Dollar could be unreliable for the time being until we get a better idea of how the correlative forces play out.<\/p>\n

Technically speaking, crude\u2019s movement above our 3rd tier downtrend line could be a key development since our 3rd tier runs through November \u201909 highs.\u00a0 Hence, crude could be in for a retest of 2009 highs in the near-future.\u00a0 That being said, the psychological $80\/bbl area has proven to be a tricky trading zone in the past.\u00a0 Therefore, crude may need more positive fundamental developments to send the future beyond 2009 levels.\u00a0 As for the downside, crude has multiple uptrend lines serving as technical cushions along with 12\/29 and 12\/24 lows.\u00a0 Additionally, the psychological $80\/bbl level may now serve as a cushion should it be retested.<\/p>\n

Price: $81.68\/bbl<\/p>\n

Resistances:\u00a0 $81.81\/bbl, $82.26\/bbl, $82.75\/bbl, $83.18\/bbl<\/p>\n

Supports: $81.29\/bbl, $80.71\/bbl, $80.35\/bbl, $79.93\/bbl, $79.23\/bbl, $78.48\/bbl<\/p>\n

Psychological: $80\/bbl, $75\/bbl, 2009 highs<\/p>\n

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

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/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 – The Crude futures are holding strong above their psychological $80\/bbl level as cold fronts continue to hit the U.S. and UK.\u00a0 Harsh winter weather is increasing demand for heating oil, a positive catalyst for crude.\u00a0 Furthermore, tensions in the Middle-East along with encouraging manufacturing data from both the U.S. and China … <\/p>\n

Continue reading “Crude Futures Hold Strong Above $80\/bbl”<\/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-5663","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5663","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=5663"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5663\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}