After managing to hold the 44 handle on Friday, crude recovered briefly over the $45 level, peaking at $45.10 before slipping back to 44 near the session
After managing to hold the 44 handle on Friday, crude recovered briefly over the $45 level, peaking at $45.10 before slipping back to 44 near the session end. The dollar came off its post-jobs report best, which took some pressure off of crude prices. Ongoing global oversupply should limit gains going forward, though with an OPEC meeting looming on December 4, traders may temper aggressiveness to the downside.
Momentum on crude oil prices is negative as the MACD (moving average convergence divergence) index generated a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crossed below the 9-day moving average of the spread.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
