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23 September 2024,02:19
Trade Of The Day
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23 September 2024, 02:19
* Crude Surge: Oil prices edged up slightly in early Monday trading, driven by concerns that the ongoing conflict in the Middle East could disrupt supply from the key producing region. Additionally, expectations that last week’s U.S. interest rate cut will boost demand also supported prices. Investors are still assessing the Federal Reserve’s half-percentage-point rate cut, which exceeded many expectations. Lower interest rates typically stimulate economic activity and increase oil demand, as higher rates raise costs for consumers and manufacturers, limiting travel and spending. Meanwhile, tensions escalated between Hezbollah, an Iranian-backed group in Lebanon, and Israel, as both exchanged heavy fire on Sunday. Hezbollah launched rockets deep into northern Israel following one of the most intense bombardments in their nearly year-long conflict.
* Technical Breakout: Crude oil price was traded higher while currently testing the resistance level 71.45. MACD which illustrate bullish momentum signal suggest the commodity to likely further extend its gains after it breaks above the level.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 75.50 after it breach above the level 71.45. Conversely, a potential reversal is also to be expected and the price could head back towards the level 67.55.
Moving ahead, investors will focus on the upcoming U.S data to determine the direction of Fed for further rate cuts. Additionally, market will also continue to monitor the developments in the Middle East.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, Middle East developments, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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