| Followers | 679 |
| Posts | 141057 |
| Boards Moderated | 36 |
| Alias Born | 03/10/2004 |
Wednesday, August 24, 2016 12:12:03 PM
Headline Risk in the Oil Market Becomes a Formidable Challenge to the Shorts
By MPTrader
* August 23, 2016
Headline risk has returned with a vengeance in the Oil market.
For the better part of August, various comments by Oil producers in general, and Saudi Arabia in particular, about a production ceiling, or even a cut, at the upcoming September OPEC Meeting have underpinned the price advance from $39.19 (Aug 03) to $48.75 (Aug 19).
This morning’s headline risk reared its head again, with a Reuters story indicating that Iran is sending signals to OPEC that it also will join other Members in an effort to boost prices.
In reaction to the story, Oil immediately pivoted to the upside into a 3.6% spike from $46.60 to $48.30.
The sharp upside reversal has the right look of the end of a pullback from $48.75 to $46.49, and the start of a new upleg within the still-dominant advance from the Aug low at $39.19.
If accurate, then this upleg should propel Oil to retest key resistance at $50.00 to the June high at $51.57-- in route to $58.00-$60.00 thereafter.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries.
By MPTrader
* August 23, 2016
Headline risk has returned with a vengeance in the Oil market.
For the better part of August, various comments by Oil producers in general, and Saudi Arabia in particular, about a production ceiling, or even a cut, at the upcoming September OPEC Meeting have underpinned the price advance from $39.19 (Aug 03) to $48.75 (Aug 19).
This morning’s headline risk reared its head again, with a Reuters story indicating that Iran is sending signals to OPEC that it also will join other Members in an effort to boost prices.
In reaction to the story, Oil immediately pivoted to the upside into a 3.6% spike from $46.60 to $48.30.
The sharp upside reversal has the right look of the end of a pullback from $48.75 to $46.49, and the start of a new upleg within the still-dominant advance from the Aug low at $39.19.
If accurate, then this upleg should propel Oil to retest key resistance at $50.00 to the June high at $51.57-- in route to $58.00-$60.00 thereafter.
https://www.mptrader.com/middayminute/
• DiscoverGold
Click on "In reply to", for Authors past commentaries.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
