UKOIL OUTLOOK
I believe that markets may move bullish for the following reasons:
The usoil markets have been bullish the past few days, so much so that price has pushed above the resistance created on the 3rd of Jan this year.
markets then retested this now support zone along with the broken resisting trendline.
we also not that the RSI is showing price is above the 50% so more bullish movement is expected
HOWEVER keep in mind market may move bearish if OPEC meeting turns out with a negitive sentiment for oil news at 09:00 CAT and positive for the oil will end up will bullish movement
if bearish movement holds we will see a break below support, a retest then more bearish movement
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fundamentals
TUESDAY, JANUARY 4
09:00 (NB)!!!!
USD OPEC Meeting
------------------------------------------------------------------------------------------------------
15:00
USD ISM Manufacturing Employment Index(Dec)
USD ISM Manufacturing New Orders Index(Dec)
USD ISM Manufacturing PMI(Dec)
USD ISM Manufacturing Prices Paid(Dec)
-------------------------------------------------------------------------------------------------------
WEDNESDAY, JANUARY 5
13:15
USD ADP Employment Change(Dec)
14:45
USD Markit PMI Composite(Dec)
USD Markit Services PMI(Dec)
-------------------------------------------------------------------------------------------------------
19:00
USD FOMC Minutes
The usoil markets have been bullish the past few days, so much so that price has pushed above the resistance created on the 3rd of Jan this year.
markets then retested this now support zone along with the broken resisting trendline.
we also not that the RSI is showing price is above the 50% so more bullish movement is expected
HOWEVER keep in mind market may move bearish if OPEC meeting turns out with a negitive sentiment for oil news at 09:00 CAT and positive for the oil will end up will bullish movement
if bearish movement holds we will see a break below support, a retest then more bearish movement
-------------------------------------------------------------------------------------------------------
fundamentals
TUESDAY, JANUARY 4
09:00 (NB)!!!!
USD OPEC Meeting
------------------------------------------------------------------------------------------------------
15:00
USD ISM Manufacturing Employment Index(Dec)
USD ISM Manufacturing New Orders Index(Dec)
USD ISM Manufacturing PMI(Dec)
USD ISM Manufacturing Prices Paid(Dec)
-------------------------------------------------------------------------------------------------------
WEDNESDAY, JANUARY 5
13:15
USD ADP Employment Change(Dec)
14:45
USD Markit PMI Composite(Dec)
USD Markit Services PMI(Dec)
-------------------------------------------------------------------------------------------------------
19:00
USD FOMC Minutes
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