Crude oil price made two-week highs of 43.17, up 3% on the session as geopolitics is injected into the market following Turkey's downing of a Russian
Crude oil price made two-week highs of 43.17, up 3% on the session as geopolitics is injected into the market following Turkey’s downing of a Russian military jet. Also providing support is the modestly softer dollar, also a rationale for traders to square short positions ahead of the U.S. Thanksgiving break. Resistance comes near the 20-day moving average at 43.70, while support is seen near the November lows at 40.
Momentum on crude oil prices is poised to turn positive as the MACD (moving average convergence divergence) index is about to generate a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread. The RSI has moved higher with price action reflecting accelerating positive momentum that leads to higher prices. During the evening in the U.S. the American Petroleum institute released its inventory data that showed an increase of 2 million barrels compared to the 0.5 million barrel draw expected.
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.