Crude Oil Rebounds on OPEC News

Tags: Market News
5 Dec 1:11pm
Posted by JimWyckoff
0 Comments
Read original blog entry

CURRENCIES

The March U.S. dollar index is higher in early trading today. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at this week's high of 76.08 and then at last week's high of 76.21. Shorter-term support is seen at the overnight low of 75.88 and then at this week's low of 75.64. Today's key near-term Fibonacci support/resistance level: 76.68 Wyckoff's Intra Day Market Rating: 5.0

The March Euro is lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at 1.4700 and then more stops just below support at this week's low of 1.4638. Shorter-term technical resistance for the Euro is seen at 1.4800 and then at 1.4850. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.4815. Wyckoff's Intra Day Market Rating: 5.0

GOLD

Gold is trading slightly higher in early dealings today. For February gold, shorter-term technical support is seen at $805.00 and then at $800.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $813.00 and then just above resistance at $820.00. Today's key near-term Fibonacci support/resistance level: $798.00. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are solidly higher early today, on news OPEC is not raising production levels. In January crude, look for buy stops to reside just above resistance at the overnight high of $90.39 and then just above resistance at $91.00. Look for sell stops just below technical support at $89.00, and then more sell stops just below support at $88.00. Today's key near-term Fibonacci support/resistance level: $91.79. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were mixed but mostly higher in overnight trading. Corn and soybeans were firmer and wheat was weaker. Beans are getting support from reports of dry weather in South American soybean regions. Corn bulls have gained technical power this week. Wheat market bulls appear to be a bit "tired" at present.

Comments

Back to top

Post comment

Back to top

Post a comment

Please login to post a comment

About

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another. Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college. When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

Recent Entries