Crude oil prices moved lower on Thursday ahead of Friday’s employment report. Prices sliced through the 10-day moving average which is now considered
Crude oil prices moved lower on Thursday ahead of Friday’s employment report. Prices sliced through the 10-day moving average which is now considered short term resistance at 45.60. Resistance is seen near the weekly highs at 48.36. Momentum remains positive with the MACD recently generating a sell signal.
Crude oil has been following the movements of the dollar and a stronger dollar generally equals weaker crude oil prices. With yields continuing to edge higher in the United States, crude oil prices will continue to face headwinds.
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.
