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Trends & Analysis
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USD gains amid Fed rate cut speculations

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Is the silver squeeze back?

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Li Auto’s stock hits a speedbump on Q1 results

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Gold closes week higher on rate cut speculations

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Week Ahead Preview: 20th of May

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Trends & Analysis
News

USD gains amid Fed rate cut speculations

News

Is the silver squeeze back?

News

Li Auto’s stock hits a speedbump on Q1 results

News

Gold closes week higher on rate cut speculations

News

Week Ahead Preview: 20th of May

News

Walmart’s stock hits record high on Q1 results

Asset Watch

Has crude oil peaked?

Thursday, October 26, 2023

With mixed economic data muddying the waters, crude oil is caught between a rock and a hard place. While supply constraints continue to reduce inventories, rising interest rates have slowed economic growth and could suppress demand.
However, famed oil trader Pierre Andurand is betting on the former, commenting on Oct. 24 that “the market will have to beg for more supply at some point…. The Saudis will have to decide when and at what price to bring supply back,” he added. “For me, an adjustment likely will come around $110 a barrel.”
And though the hedge fund manager believes “there’s room to the upside,” key technical levels could decide whether the bulls or bears win this battle.
For example, crude’s 50-week moving average acted as resistance during the October and November 2022 upswings and provided support during the August 2023 pullback. Therefore, with the milestone near $78, a breakdown could send crude tumbling to its 200-week MA.

The 200-week MA provided support on several occasions from March through June 2023, and the level stands near $70. Consequently, risk management could be essential in the months ahead.

Finally, seasonality favours the bears, as November is typically the worst month of the year. Crude often declines by 2.5% in November before bottoming in early December.

Do you believe the next $10 move will be higher or lower?


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