{"id":9469,"date":"2010-05-17T10:00:14","date_gmt":"2010-05-17T14:00:14","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9469"},"modified":"2010-05-17T10:00:14","modified_gmt":"2010-05-17T14:00:14","slug":"spot-crude-oil-prices-rebound-from-support-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/17\/spot-crude-oil-prices-rebound-from-support-line\/","title":{"rendered":"Spot Crude Oil Prices Rebound from Support Line"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Negative market sentiment from the previous week has carried over  into Monday\u2019s trading as spot crude oil prices continued to plummet  until arriving at a significant support line on the daily chart.<\/p>\n<p>Spot crude oil prices dropped at the  opening of the Australian and Japanese trading sessions, falling to a  3-month low of $69.82. Prices fell over $1.75 on light volume. However,  during the European trading session, prices rebounded to a high of  $72.22.<\/p>\n<p>The plummeting spot crude oil prices coincide with continuing  European sovereign debt worries. Friday trading had rumors circulating  of a French move to withdrawal from the European Monetary Union. This  rumor has since been staunchly denied by French government officials.<\/p>\n<p>A tumbling euro has allowed for a bullish run to the dollar. The  EUR\/USD has pulled away to a 4-year low. This is a negative for spot  crude oil bulls. Spot crude oil prices typically trade in a negative  correlation to dollar strength. As the dollar moves higher, crude oil  prices fall.<\/p>\n<p>As the price of spot crude oil falls, traders can notice the price  declines stalling near the significant support level of $69.50. A breach  of this support line could send spot crude oil prices lower to the next  support level at $65.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/crude-oil-support.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/crude-oil-support.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><strong><em>Forex Market     Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                                     Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                     may not be suitable for all   investors.       There    is  a              possibility      that       you   could       sustain a  loss   of  all   of    your           investment and            therefore  you        should   not    invest     money  that   you            cannot afford to         lose. You      should    be      aware of     all       the    risks      associated   with     Foreign       Exchange        trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Negative market sentiment from the previous week has carried over into Monday\u2019s trading as spot crude oil prices continued to plummet until arriving at a significant support line on the daily chart. Spot crude oil prices dropped at the opening of the Australian and Japanese trading sessions, falling to a 3-month &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/17\/spot-crude-oil-prices-rebound-from-support-line\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Prices Rebound from Support Line&#8221;<\/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-9469","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9469","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=9469"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9469\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}