Wild Card Crude Oil 9 Sep 2009
Wednesday, 9 Sep 2009
Commodity prices Surprise with Bullishness as USD Weakens
With recent market volatility, the price level for a few currencies and commodities have begun to see prices not seen since last year. For instance, the USD fell to its lowest in almost a year during yesterday trading session after gains in global stocks. Gold has also shocked the market lately with continues uptrend, rising above $1000 for the first time since March 2008. With rallies this large, the forex market becomes more predictable, and traders can reap the benefits!
The Wild Card
Crude Oil
Crude Oil prices rose significantly yesterday and peaked at $71.40 per barrel. However, the 4-hour chart's RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.
Sep-09-2009, 02:42
Wild Card Crude Oil 9 Sep 2009
Linear Mode
