Today 19 01 2016. Intraday Levels for Crude Buy SellToday 19 01 2016. Intraday Levels for Crude Buy Sell
Glut
Copper outlook for the coming months and 2017Copper at the moment is going through high levels of supply and prices have plummeted to weekly lows. Demand may be weakening in China, the world's largest consumer, as stocks of metal flow out of the country to warehouses elsewhere in Asia. Therefore, we have a supply glut and copper price in the future doesn't look very promising. Stocks of Copper on the LME are now at their highest levels since October2015. There is also possibility for the copper market to tighten due to reduction in investments in new mines. Momentum in China is starting to stall and people are starting to off load the metal in other markets.
$WTI - Refiner Outages Approaching, P Action around $42.5 KeyUsing $42.50 as a support level, a bounce off that level would be considered bullish, but if prices fail to hold, a return to $37.50 seems probable. This implies a negative 200 day SMA cross, which suffice it to say, would be a return to the bearish int term trend. This, in concert with a low energy demand season approaching and several refiner outages expected in coming months, which would imply further inventory builds to already record levels.
