Crude oil prices edged lower on Monday following decline in the ISM Manufacturing index. Prices are supported by the 10-day moving average at 45.33.
Crude oil prices edged lower on Monday following decline in the ISM Manufacturing index. Prices are supported by the 10-day moving average at 45.33. Resistance is seen near a downward sloping trend line at 47.85. Momentum has turned positive with the MACD (moving average convergence divergence) index generating a buy signal, which points to higher future prices.
U.S. ISM manufacturing index dipped 0.1 point to 50.1 in October after dropping 0.9 points to 50.2 in September. It’s the lowest print of the year. The index was at 57.9 a year ago. The employment component dropped to 47.6 from 50.5, the weakest since late 2009. New orders rose to 52.9 from 50.1. New export orders improved to 47.5 from 46.5, but remain in contraction. Prices paid rose to 39.0 from 38.0. This is a disappointing report in general.
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.