BEARISH SH WTI OIL ( SETUP INVALIDATE ABOVE RECENT SH 55.21)
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Crude Oil can offer a Price action trading setup as it edges near the Inflection point at 55.00. Inflection point or Decision Point is a Potential support or resistance level which can shape the entire Market structure and direction in coming days. Identifying such Inflection points requires skill and patience of a Price action trader. As Crude Oil inches towards 55.00, there’s a possibility of creating BOF or BT trading setup. Short term traders and Swing traders should keep your eye on MCX Crude oil.
Our Fancy US President Trump and his Geopolitics is driving World markets. Right now, Crude oil is negatively correlated with USD. By Charting the Crude Oil with DXY, you can see correlation of both assets. So, Traders must watch out for potential moves in USD to get a cue on Crude oil. Also focus on Ramblings from OPEC and Oil producing countries.
Our Fancy US President Trump and his Geopolitics is driving World markets. Right now, Crude oil is negatively correlated with USD. By Charting the Crude Oil with DXY, you can see correlation of both assets. So, Traders must watch out for potential moves in USD to get a cue on Crude oil. Also focus on Ramblings from OPEC and Oil producing countries.
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SHORT TRADE WILL ACTIVATE WITH BREAK LOW 52.52Trade active
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Crude Oil make low 47.29Note
Whats InsideCrude oil prices may extend drop if weekly inventory build tops forecasts
API reported 4.53mb increase vs. 1.77mb projected for official EIA data
Gold price rally may stall to consolidate Before Janet Yellen commentary
Sentiment-sensitive crude oil prices fell alongside stocks as risk appetite soured across the markets. Financial names led Wall Street issues lower, falling nearly 3 percent. Disappointment with a Fed that opted against signaling a steeper rate hike cycle last week may have sparked the move. Speedier tightening would likely translate into improved interest income prospects for lenders.
US Treasury bond yields echoed the drop in equities and the priced-in 2017 monetary policy outlook implied in Fed Funds futures flattened in tandem. Not surprisingly, this bolstered the relative appeal of non-interest-bearing assets and sent gold prices upward. The metal has now erased nearly all of its March losses. Timid comments from Fed officials proved to be an insufficient offset.
A lull in big-splash event risk might make for a period of consolidation for gold prices in the day ahead as investors look ahead to comments from Fed Chair Yellen on Thursday. As for oil, the weekly EIA inventory report is expected to show stockpiles grew by 1.77 billion barrels last week. A print closer to the 4.53 million barrel build projected in private-sector figures from API may weigh on prices.
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HOLD SHORT POSITIONTrade active
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WEEKLY UPDATEHOLD SHORT POSITION
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Trade closed: target reached
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