{"id":9711,"date":"2010-05-26T09:15:20","date_gmt":"2010-05-26T13:15:20","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9711"},"modified":"2010-05-26T09:15:20","modified_gmt":"2010-05-26T13:15:20","slug":"spot-crude-oil-falls-with-equities-to-support-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/26\/spot-crude-oil-falls-with-equities-to-support-line\/","title":{"rendered":"Spot Crude Oil Falls with Equities to Support Line"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Spot crude oil prices managed to hold onto gains yesterday and  continue to add to them despite fiscal problems in Europe. The rise in  price comes after yesterday\u2019s heavy price volatility and weakness in  equities that drove the price of spot crude oil tentatively lower to a  significant support line.<\/p>\n<p>Spot crude oil is currently trading at  $70.50, up from an opening day price of $69.69. Yesterday the price fell  to a low of $67.13, close to a significant technical support level at  $67.00.<\/p>\n<p>Driving prices lower at the beginning of the day was a drop in  equities and increasing tensions on the North Korean Peninsula. This  helped to strengthen the dollar and yen, two currencies that typically  appreciate during times of low risk taking.<\/p>\n<p>The Dow Jones Industrials was significantly lower by almost 300  points at the beginning of the New York trading session, but the Dow  came back with a 200 point rally following the release of a better than  expected U.S. consumer confidence. The rebound in stocks had a positive  affect on spot crude oil trading and helped to pull spot crude oil  prices off their daily lows.<\/p>\n<p>Spot crude oil traders will be looking for an excuse to bid up spot  crude oil prices, and this may come from today\u2019s release of the U.S.  Core Durable Goods Orders. Positive numbers from the U.S. economy, along  with an improvement in global equities could send spot crude oil prices  towards the next resistance level of $72.50. Should prices fail to  rally, the next support line rests just below $69.00.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/Spot-Crude-Oil-Daily.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/Spot-Crude-Oil-Daily.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><span style=\"text-decoration: underline;\"><strong><em>Forex Market        Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                                            Yard.<\/a><\/strong><\/span><\/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; Spot crude oil prices managed to hold onto gains yesterday and continue to add to them despite fiscal problems in Europe. The rise in price comes after yesterday\u2019s heavy price volatility and weakness in equities that drove the price of spot crude oil tentatively lower to a significant support line. Spot &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/26\/spot-crude-oil-falls-with-equities-to-support-line\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Falls with Equities to 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-9711","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9711","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=9711"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9711\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}