Posted by racerick on 27th of Nov 2014 at 04:19 pm
For the US markets being closed, the futures and forex market
have made up for it. Oil, already weak prior to OPEC formal
announcement at 10 this am, plummeted to 67.75 before bouncing
slightly to 69.05 to close down almost $5 for the day. There is
some support on weekly charts between 65 and 68.50 but before
anyone gets too froggy on trying to catch a bottom, suggest that
you may want to re-visit the charts from 2008 when oil fell $70 in
about 3 months.
!0 year weekly chart
The USD had a good day and between it and oil price, made for a
huge gain against CAD. Realize that Canadian Oil typically sells
for about $15/ per barrel less than WTI, so falling oil prices are
really starting to have some effect on the Canadian economy,
especially the Western areas. Most of the newer projects in Canada
have costs in excess of $90/barrel and at $60 even the older
projects are marginal.
Natgas has been pulling back all day and closed sitting on some
support here at 4.23ish but short term trend has been down past 24
hours.
Index futures, after selling off some during the night,
recovered and closed at their highs.
Gold closed right at 1190 after trading most of past 24 hours in
a $10 range.
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Been a wild day
Posted by racerick on 27th of Nov 2014 at 04:19 pm
For the US markets being closed, the futures and forex market have made up for it. Oil, already weak prior to OPEC formal announcement at 10 this am, plummeted to 67.75 before bouncing slightly to 69.05 to close down almost $5 for the day. There is some support on weekly charts between 65 and 68.50 but before anyone gets too froggy on trying to catch a bottom, suggest that you may want to re-visit the charts from 2008 when oil fell $70 in about 3 months. !0 year weekly chart
The USD had a good day and between it and oil price, made for a huge gain against CAD. Realize that Canadian Oil typically sells for about $15/ per barrel less than WTI, so falling oil prices are really starting to have some effect on the Canadian economy, especially the Western areas. Most of the newer projects in Canada have costs in excess of $90/barrel and at $60 even the older projects are marginal.
Natgas has been pulling back all day and closed sitting on some support here at 4.23ish but short term trend has been down past 24 hours.
Index futures, after selling off some during the night, recovered and closed at their highs.
Gold closed right at 1190 after trading most of past 24 hours in a $10 range.