Technical Analysis

up $.26 on the day or 0.39%

Crude oil futures are settling the week at $67.59. That is up $.26 or 0.39%.

The high for the day reached $67.88. The low extended to $66.20.

For the week the high reach $69.66.  The low reach $65.74.

Four of the five days this week traded above and below the 200 day MA (today at $67.44).  Today’s close was just above the MA level.  The prior three days closed below the key MA level.  Hanging around the MA is indicative of a market that is unsure of the next move.  

November 4th is the start of the Iran sanction.  Saudi Arabia is likely to be under pressure to keep a lid on the price of oil given the Jamal Khashoggi murder in order to make amends in what was a very questionable diplomatic mistake (sad to say).   A slower global economy – should stocks continue to fall – could slow demand and pressure stocks. Inventory data this week showed another strong build of inventories (4th week in a row). 


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