Global macro overview for 09/11/2016:
The Crude Oil Inventories data are scheduled for release at 03:30 pm GMT today. The global investors are anticipated only a moderate build up of 1040k barrels in stockpiles, after the all-time high stockpiles from last week, 14420k barrels. The market analysts doubt regarding recent OPEC deal are rising, despite OPEC Sectary General's fresh commitment to a deal made in Algiers in September to cut output. Moreover, during the US Presidential Election campaign, Donald Trump presented an "America-first energy" plan. According to the plan, he promised to deregulate US energy production by removing the limitations and that could result into a $50 trillion in domestic oil, natural gas and coal energy. In conclusion, the global investors might soon face a massive domestic production growth policies when/if Donald Trump will formerly become president and will start to fulfill his promises regarding the energy sector. This might eventually push the crude oil prices even lower.
Let's now take a look at the Crude Oil technical picture at the 4H time frame. So far the technical support at the level of 43.00 has held the line and now it looks like the bulls are trying to bounce from this level. Nevertheless, the market is still trading out of the dashed blue channel and below all of the moving averages. The next resistance is seen at the level of 45.40.
From www.instaforex.com https://www.instaforex.com/forex_analysis/84023/
No comments:
Post a Comment