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10 October 2024,02:16
Trade Of The Day
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10 October 2024, 02:16
* • Crude Build: Crude oil prices have dropped following a larger-than-expected rise in U.S. crude inventories. The Energy Information Administration reported a 5.8 million barrel increase in U.S. oil supplies last week, well above the projected 2-million-barrel gain. Oil prices also faced downward pressure due to the potential for de-escalation in the Middle East conflict. Reports suggest that Hezbollah, the Lebanese militant group, is now pursuing a diplomatic ceasefire after the Damascus airstrike. Qassem, one of Hezbollah’s remaining leaders, expressed their willingness to agree to a ceasefire unconditionally, marking a significant departure from their earlier stance, which had tied the Lebanon ceasefire to the war in Gaza.
* Technical Breakout: : Crude Oil price was traded lower following prior retracement from its recent high. MACD which illustrate bearish momentum 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 71.45. Conversely, a potential reversal is also to be expected and the price could head back towards 75.50.
Looking ahead, investors will closely monitor developments in the Middle East to assess future price trends. The market will also focus on key data, including the U.S. Consumer Price Index (CPI) for September, set to be released later today.
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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