US CPI Misses Estimates Sending Equities Lower & Oil Prices Up
CL1 Chart seems quite bearish coming off the past week as with news showing hostilities within the region have calmed down significantly taking away much of the volatility.
Saying this though, it is clear to see on the chart crude it sitting now at its support line around the 58 level. Should we see a break in this support we could expect CL1 to fall back to 51.50 support.
If we do see the bounce and confirmation in pricing within the market then we could see further upside.
Headlines
- US misses estimate of Core CPI dropping below market expectation of 0.1%
- Equities in the US drop after breaking all time highs in morning session after lower inflation data
- Crude up +0.50% after testing strong support trend line around 58.00 per barrel level
- API Data released moments ago show second week of unexpected build in US Crude Inventories
Saying this though, it is clear to see on the chart crude it sitting now at its support line around the 58 level. Should we see a break in this support we could expect CL1 to fall back to 51.50 support.
If we do see the bounce and confirmation in pricing within the market then we could see further upside.
Headlines
- US misses estimate of Core CPI dropping below market expectation of 0.1%
- Equities in the US drop after breaking all time highs in morning session after lower inflation data
- Crude up +0.50% after testing strong support trend line around 58.00 per barrel level
- API Data released moments ago show second week of unexpected build in US Crude Inventories