Crude oil futures heating up on the charts
U.S. equity index futures red; Nasdaq 100 off ~0.5%
Euro STOXX 600 index up ~0.2%
Dollar ~flat; gold slips; bitcoin gains; crude up >1%
U.S. 10-Year Treasury yield rises to ~4.03%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
CRUDE OIL FUTURES HEATING UP ON THE CHARTS
Oil prices are extending gains on Monday driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region.
Last week, NYMEX crude futures CLc1 posted their steepest weekly rise since March 2023. And with Monday's gain, the futures are on track to rise for a fifth day in a row.
Of note, the futures bottomed in mid-September essentially right at a Fibonacci retracement level of the April 2020-March 2022 advance:
Oil has rallied since its mid-September trough, when it nearly tagged the 38.2% Fibonacci retracement of its April 2020-March 2022 advance at $65.25. On September 10, the futures fell to a low of $65.27. They now stand just over $75.00.
That said, the futures appear to be nearing some significant chart barriers, so near-term action may prove to be especially important.
The 50-week moving average (WMA) is now about $77.00, while the 200-WMA is now around $79.20.
The weekly resistance line from the March 2022 high is now around $79.40, while the 23.6% Fibonacci retracement of the March 2022-May 2023 decline is at $79.42.
The mid-August high was at $80.16.
Thus, if crude can punch through $80.16, and take out all of these resistance levels on a weekly closing basis, it will have the potential to signal a sea change in trend.
If crude is repulsed, strong support resides in the $67.71-$63.64 area.
However, a renewed downturn will keep intact the potential for a much deeper decline. This, given that the futures have historically tended to bottom much further below their 200-WMA than was the case in September.
Meanwhile, the S&P 500 energy sector .SPNY, up more than 6% in October, is the best performing S&P 500 .SPX group by far this month.
Last week, the sector posted its biggest weekly rise in two years.
(Terence Gabriel)
*****
FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
U.S. ELECTION: PREPARE FOR UNCERTAINTY AND VOLATILITY - CLICK HERE
REAL ESTATE TOUR: WARMING UP TO OFFICES - CLICK HERE
RISING YIELDS WEIGH, BANKS EDGE UP - CLICK HERE
EUROPEAN FUTURES INCH HIGHER - CLICK HERE
US 'NO LANDING' SCENARIO LIFTS MARKETS - CLICK HERE
CLc110072024 https://tmsnrt.rs/480DEpU
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
</body></html>Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
