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28 Aug 2013
Crude oil continues to extend to new highs; 112.29 next projected target
FXstreet.com (Barcelona) - Syrian tensions generated some panic buying that layers on top of an already bullish technical condition to send crude oil to the highest levels since February 2012.
Geo-politics pushing crude higher – although inventory data could help / hurt
While the world’s attention is appropriately trained on Syria (and the US, Russia, China and Iran), Wednesday will bring traders the weekly crude oil inventory numbers in the US. That data, if far enough off the consensus estimates may have a marginal impact on crude futures. If the inventory numbers come in way lower than expected, crude will almost certainly rip higher. If, on the other hand, inventories rise far higher than expected, one has to wonder whether the after-effects will be even a blip on the screen (given the geo-political situation).
Technical outlook for crude oil
As noted above, technicians see crude making it up to 112.29 to 113.37 (from 111.63) based on some Elliott Wave measuring techniques. Short-term support comes in at 108 and is followed by 107.29.
Geo-politics pushing crude higher – although inventory data could help / hurt
While the world’s attention is appropriately trained on Syria (and the US, Russia, China and Iran), Wednesday will bring traders the weekly crude oil inventory numbers in the US. That data, if far enough off the consensus estimates may have a marginal impact on crude futures. If the inventory numbers come in way lower than expected, crude will almost certainly rip higher. If, on the other hand, inventories rise far higher than expected, one has to wonder whether the after-effects will be even a blip on the screen (given the geo-political situation).
Technical outlook for crude oil
As noted above, technicians see crude making it up to 112.29 to 113.37 (from 111.63) based on some Elliott Wave measuring techniques. Short-term support comes in at 108 and is followed by 107.29.