Technical Analysis Crude oil Fro 8/17/15
Crude oil prices were in the black for most of the U.S. Trading session following a stronger than expected Industrial Production release and a better than expected inflation numbers. IP climbed by 0.6% showing strong manufacturing in car parts to match the robust retail sales in autos.
Crude prices were unable to generate positive momentum as an increase in the Baker Hughes rig count showed that producers continue to move into the market. Resistance on crude oil prices are seen near the 10-day moving average at $44.03. Momentum remains negative with the MACD (moving average convergence divergence) index printing in the red with a downward sloping trajectory.