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Crude Oil Holdings Steady Despite Elevated Inventories, Gold Win Streak
Commodities – Energy Crude Oil Holds Steady Despite Elevated Inventories Crude Oil (WTI) $82.19 -$0.28 -0.34% Commentary: Crude oil was close to unchanged in Wednesday’s session, despite surging U.S. inventories. The Department of Energy reported that in the week ending July 23, 2010, US crude oil inventories decreased by 2.8 million barrels, gasoline inventories increased... [Read more]
Crude Oil Breaks Out Higher. Will Gold Prices Follow?
Commodities – Energy Crude Oil Surges Past Resistance But Will Bullish Momentum Last? Crude Oil (WTI) $84.57 +$0.81 +0.97% Prices look to have made a major technical break higher, taking out horizontal resistance at $83.19 to push well above the $84 figure. This opens the door for a move to the top of a large rising channel that has guided prices... [Read more]
Oil May Finally Break Support Amid Chinese Tightening Fears
Commodities – Energy Oil May Finally Break Support Amid Chinese Tightening Fears Crude Oil (WTI) $81.58 -$0.51 -0.62% Prices remain wedged between resistance at $82.23 and a rising trend line established from the bottom in early February. The percent-change correlation between the WTI contract and the MSCI World Stock Index remains significant at 0.78, reflecting... [Read more]
Oil, Gold May Decline as Monthly US Deficit Hits Record
Commodities – Energy Oil May Break Support as Monthly US Deficit Hits Record Crude Oil (WTI) $81.25 -$0.24 -0.29% Prices have pulled back from resistance at $82.23 to find support at a rising trend line established from the bottom in early February, with a break lower exposing $77.53. The percent-change correlation between the WTI contract and the MSCI World Stock... [Read more]
Crude to Follow Risky Assets Lower, Gold Trading on US Yield Outlook
Commodities – Energy Crude Oil May Extend Losses on Fading Risk Appetite Crude Oil (WTI) $81.03 -$0.84 -1.03% Prices have pulled back from resistance at $82.23 to find support above the previously broken upper boundary of a Rising Wedge formation (now at $81.26). The US economic calendar is fairly light once again, with only the Department of Energy set to release their short-term... [Read more]
Oil, Gold Threatened as Greece Sinks Risky Assets
Commodities – Energy Oil Prices Threaten Support as Greek Downgrade Threat Sinks Risky Assets Crude Oil (WTI) $79.53 -$0.47 -0.59% Technical positioning is essentially unchanged from yesterday: prices at the bottom of a rising channel set from the swing low established earlier this month (now at $79.17), with a break lower exposing horizontal support... [Read more]
European Stocks Correct Higher, Bias Remains Bearish
WEEKLY STRATEGY FTSE 100 Long-term Technical Outlook The FTSE is testing channel support and a break below would strongly suggest that the advance from the 2009 low is complete. The rally is in 5 waves and is therefore probably just the first wave of a larger correction (b wave underway now). Initial support is 4955. Short-Term Technical Outlook The FTSE has found near-term support at 5316.79, the... [Read more]
European Stocks to Extend Decline as Prices Clear Key Support
WEEKLY STRATEGY FTSE 100 Long-term Technical Outlook The FTSE is testing channel support and a break below would strongly suggest that the advance from the 2009 low is complete. The rally is in 5 waves and is therefore probably just the first wave of a larger correction (b wave underway now). Initial support is 4955. Short-Term Technical Outlook The FTSE has put in an Evening Star candlestick formation... [Read more]
Oil, Gold to Rise With Risky Assets Ahead of Bernanke Testimony
Commodities – Energy Oil May Rise on Risk Recovery Ahead of Bernanke Testimony Crude Oil (WTI) $79.14 +$0.28 +0.36% Prices have dropped to the bottom of a rising channel set from the swing low established earlier this month (now at $78.48), with a break lower exposing horizontal support at $77.53 and ultimately the $76 figure. European and... [Read more]
European Stocks Drift Lower, Further Downside Expected
WEEKLY STRATEGY FTSE 100 Long-term Technical Outlook The FTSE is testing channel support and a break below would strongly suggest that the advance from the 2009 low is complete. The rally is in 5 waves and is therefore probably just the first wave of a larger correction (b wave underway now). Initial support is 4955. Short-Term Technical Outlook The FTSE has put in a Shooting Star candlestick formation... [Read more]
