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10 July 2024,02:33
Trade Of The Day
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10 July 2024, 02:33
* Barrel Blues: Crude oil prices dropped by more than 1% as traders realized that Hurricane Beryl’s expected impact on U.S. crude hubs was less severe than initially feared. The storm weakened into a tropical storm, causing minimal damage to major refineries along the Gulf Coast. Oil production in Texas resumed quickly after the storm passed, and ports were preparing to reopen. Additionally, progress in ceasefire talks between Israel and Hamas led to further declines in oil prices, as Hamas made significant concessions to reach an agreement with Israel.
* Technical Breakout: Crude oil price was traded lower while currently testing the support level 81.40. MACD which illustrate bearish bias signal suggest the commodity to further extend its losses after it breaks below the level.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 80.25 after it breaches below the level 81.40. Conversely, a potential correction is also to be expected and the price could head towards 82.75.
Looking ahead, investors will keep a close eye on developments in the Middle East, where a potential ceasefire between Israel and Hamas could alleviate worries about global crude supply disruptions. Additionally, the market will pay attention to various economic data from China and the U.S. to gain more insights into crude demand.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and global data, central bank updates, Middle East developments and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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