TNX (CBOE 10 – Year US Treasury Yield) – In a downtrend, lower high lower low. BRENT – Bullish above 200 EMA, in a pullback. NIFTY – Bullish above 200 EMA, in a pullback. RUPEE – Rangebound USD –
Crude Oil finally clearing 200 EMA, expect some pickup in upside momentum.
Crude Oil accelerating strongly on the upside after the breakout. Some consolidation can happen at the 200 EMA.
Brent Crude broke out above the $62-64 resistance zone. The breakout was a result of OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week. On top of this, if the US-China negotiations result in
Crude oil ended positively for the week with a 3% plus gain on Friday aided by the following factors – U.S. sanctions on Venezuela’s state-owned oil firm raised the risk of tighter crude supplies A considerable monthly decline in OPEC production
TNX – Consolidating below 28 BRENT – Will it breakout above $ 62 NIFTY – Sideways RUPEE – Will the breakout sustain? USD – Bearish bias