Crude oil prices sold off on Friday following a stronger than expected U.S. Payroll report that lifted the dollar and drove down petroleum prices. A
Crude oil prices sold off on Friday following a stronger than expected U.S. Payroll report that lifted the dollar and drove down petroleum prices. A stronger dollar makes purchasing crude oil in another currency more expensive which in turn erodes the price of crude oil to make it more attractive as a non-dollar denominated asset.
Prices are likely to test trend line support near 43.20. Resistance is seen near the 5-day moving average at 46.02. Momentum has turned negative as the MACD (moving average convergence divergence) index generate a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses 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.