Crude Oil Gains on Goldman Prediction

Tags: Market News
20 Aug 1:15pm
Posted by JimWyckoff
0 Comments
Read original blog entry

CRUDE OIL

Crude oil prices are higher early today, on reports that Goldman Sachs has predicted oil prices will move above $140.00 a barrel by the end of the year. In September crude, look for buy stops to reside just above resistance at $116.00 and then just above resistance at this week's high of $116.65. Look for sell stops just below technical support at the overnight low of $114.26 and then more sell stops just below support at $113.00. Today's key near-term Fibonacci support/resistance level: $115.26. Wyckoff's Intra-Day Market Rating: 5.5

CURRENCIES

The September U.S. dollar index is trading higher in early trading today. The bulls still have some upside technical momentum. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 77.33 and then at Tuesday's high of 77.56. Shorter-term support is seen at 77.00 and then at the overnight low of 76.83. Today's key near-term Fibonacci support/resistance level: 76.85. Wyckoff's Intra Day Market Rating: 6.0

The September Euro is weaker in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4668 and then just below support at this week's low of 1.4609. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.4786 and then at 1.4800. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral to bullish early today. Today's key near-term Fibonacci support/resistance level: 1.4748. Wyckoff's Intra Day Market Rating: 4.5

GOLD

Gold is firmer in early dealings today. For December gold, shorter-term technical resistance is seen at the overnight high of $824.50 and then at $830.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $811.30 and then at $800.00. Today's key near-term Fibonacci support/resistance level: $803.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were higher in overnight trading, as trading in the grains has become choppy. Key "outside markets" are neutral today--crude oil prices are higher and the U.S. dollar is also higher. Weather in the Corn Belt is now becoming a less of a market influence on corn and soybeans, as harvesting is around the corner.

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