FUNDAMENTALS: Inflation is on the rise. CPI has grew on imports significantly from Sept to Oct. Tariffs are beginning to have an impact. Will the FED continue to hike? This past week FED Philly President Harker said he was not in favor of a December hike. US data for October/November might not impress.
Oil has tumbled the past 2 months but found some buyers late in the week.
TECHNICALS: Weekly head and shoulders did not break the neckline. Friday had price retracing to the .707 fib level from the Nov 7th high. Market very well might want to break that high. Technically OIL bounced off of support on the Monthly.
Strategy. Look for some pull back to start the week and then continued upside.
Oil has tumbled the past 2 months but found some buyers late in the week.
TECHNICALS: Weekly head and shoulders did not break the neckline. Friday had price retracing to the .707 fib level from the Nov 7th high. Market very well might want to break that high. Technically OIL bounced off of support on the Monthly.
Strategy. Look for some pull back to start the week and then continued upside.
Comment:
Expected pullback to this level and now looking to go long.
Comment:
Still in this