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22 October 2024,02:16
Trade Of The Day
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22 October 2024, 02:16
* Demand Doldrums: Crude oil prices stay under pressure due to persistent concerns over weak demand. Easing geopolitical tensions and softer global demand, especially from China, have maintained a bearish outlook for oil prices. Although China has introduced a stimulus package to boost economic growth, a structural shift in fuel consumption is expected to dampen its impact on oil demand. China’s oil demand growth is forecast to remain sluggish through 2025, as the country speeds up its transition to electric vehicles and its economy grows at a slower rate, according to the International Energy Agency on Monday.
* Technical Breakout: : Previous breakout below the support level 71.75 and bearish market structure with additional signal from MACD which signal bearish signal suggest the commodity to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 67.55. Conversely, a potential reversal is also to be expected and the price could head back towards 71.75.
Looking ahead, investors will turn their attention to key U.S. data releases this week, including Manufacturing PMI, Services PMI, and Durable Goods Orders. Additionally, developments in the Middle East will remain a central focus.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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