GOLDMAN SACHS - COMMODITIES: WHAT'S DRIVING THE MARKET TODAY
The One-Liner
Commodities broadly higher with weaker USD. Copper trading higher after failing to break $4750 in recent days.
The Fundamental Highlights
Energy: Crude marginally higher with spreads and cracks largely unchanged. The Iranian Oil Minister has not yet decided whether he will...
Crude is at 618 retracement, Buying Volume is low, is hitting 288 MA on 4 hour chart, speculative positions are declining , dollar is at its lower channel, go short with the target of $36
Crude is at 618 retracement, Buying Volume is low, is hitting 288 MA on 4 hour chart, speculative positions are declining , dollar is at its lower channel, go short with the target of $36
Downtrend has established after topping at 50.
The 200 day MA (yellow) provided some support for now, but on the upside the 7 day MA (red) acts as resistance in this downtrend channel.
I am looking for another test of the lows at 39. Further support comes in at 36 then 33.
Option idea to consider IMHO:
as we near upper trend line: --> sell call spreads and...
IEA Monthly Oil Market Review:
-IEA Keeps World Oil Demand Growth Forecast at 1.4M B/D in 2016
-IEA Downgrades World Oil Demand Growth to 1.2M B/D in 2017
-IEA Sees Lower Oil Demand Growth on Dimmer Macroeconomic Outlook
-IEA Sees Lower Oil Demand Growth on Dimmer Macroeconomic Outlook
-IEA Says Global Oil Supply Up 800,000 B/D in July on Higher OPEC,...
Brent’s three consecutive daily candle sticks with long shadows on the upper part when viewed in light of yesterday’s sharp drop to $43.81 suggests a short-term top could be in place around $45.80 and prices could be heading lower to $42.99 (38.2% of Feb low – June high).
Upticks towards lower end of the falling wedge seen at $44.42 could be met with fresh...
We have recently seen a nice rebound in UKOIL after the massive downturn due this summer from 50 area. As for now the price as has retraced around 61,8% from consolidation high around mid 48 area, which also acts as horizontal resistance around 46 area.
Short term, we should see some support around 43,50. If this level fails, we could very likely retest recent...
EURNOK has fallen to great support just above 9,20 area, including horizontal support and a long trendline since the bottom since april/may this year.
For now, we might have seen a whipsaw of possible longs, as the price was below trend support. If the price manage to go above the trend and close higher than current level, we might see a possible rebound.
Long...
