- USD (-)
- 10 min delayed data - NYMEX Futures
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Type: Commodities
Ticker: WBS

WTI CRUDE OIL - Stocks Advanced On Light Volumes - 12/24/2021 (GMT)

  • Who voted?
  • 188
  • 0
  • Chart + Price target(s)

  • Target : Upper
  • |
  • Target 1 : 75,5
  • |
  • Target 2 : 77,5
  • |
  • Target 3 : 80
  • |
  • Invalidation threshold : 66

  • Timeframe : 8H

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Stocks advanced on light volumes. US stocks advanced further on Wednesday after news hit the wires that FDA approved Pfizer’s antiviral pills for Covid-19 treatment. Dow (+0.73%), Nasdaq (+1.16%), S&P (+1.02%) and Russell (+0.85%) climbed higher but on light volumes as markets geared for the holidays weekend. Sentiments are slightly bullish as demand for bonds eased, sending yields higher, with strong selling seen in the 10Y notes at 145 basis points. Dollar (DXY) dropped lower to the 96 handle.

In the commodities market, crude and gold continue their upward trajectory as markets expect inflationary concerns to linger in the years ahead. The black gold broke the $72.70/bl barrier while gold regained the $1,800/oz major handle. Elsewhere, iron ore is stalled at $113.70/tn as investors wait for the vote on BBB.

In the FX space, bullish sentiments sent Dollar and Yen to the back burner while Aussie, Kiwi and Sterling led the demand in short and medium term accounts. Long term investors turned more bearish as Swiss seized the helm of demand from Yen. On Thursday, markets will pay attention to US jobless claims and durable goods orders as no earning reports are available nearing the holidays.

OUR PICK – Crude Oil

OPEC+ to back crude prices. In our Malay article, we did point out the potential upside risk in crude oil as Saudi continues to lead the influence in stabilizing crude prices by controlling output and willingness to change plans if crude keeps falling. Crude did fall to our “better buy” area, circa $66.50/bl, before surging higher to $72.50/bl at writing. We see any close above $69.30/bl on the weekly negate the bearish engulfing candle last month and further continuation of a bullish move on the daily. Better buy is around $69.50 – $70/bl in our view at this point.

Risk Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
This member declared not having a position on this financial instrument or a related financial instrument.

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