Positioning

Brent Crude Oil Price Update – Late Session Surge Puts Market in Position to Challenge $113.99 – $115.29 – Yahoo Finance

future-dyanmics

International-benchmark Brent crude oil futures are trading sharply higher late Friday on the back of record gasoline prices, Additionally, China looked ready to ease pandemic restrictions that could help stabilize demand sooner than expected. Finally, investors also continued to worry about tightening supplies if the European Union bans Russian oil.
U.S. gasoline futures soared to an all-time high after stockpiles fell last week for a sixth straight week, according to the U.S. Energy Information Administration (EIA). That boasted the gasoline crack spread – a measure of refining profit margins – to its highest since it hit a record in April 2020 when WTI finished in negative territory, according to Reuters.
The bullish move in gasoline could continue to drag crude oil prices higher over the near-term since demand for the fuel is likely to soar when summer driving season starts on the U.S. Memorial Day holiday weekend at the end of the month.
The main trend is up according to the daily swing chart. A trade through $113.99 will signal a resumption of the uptrend. A move through $100.93 will change the main trend to down.
The short-term range is $92.87 to $115.29. Its retracement zone at $104.08 to 101.43 is support.
The intermediate range is $123.25 to $92.87. The market is currently testing the upper level of its retracement zone at $111.64 to $108.06.
The major support is the long-term retracement zone at $94.42 to $87.61.
The direction of the July Brent crude oil market into the close on Friday is likely to be determined by trader reaction to the intermediate-term Fibonacci level at $111.64.
A sustained move over $111.64 will indicate the presence of buyers late in the session. If this creates enough upside momentum then look for a possible surge into the nearest main top at $113.99.
Taking out $113.99 will reaffirm the uptrend and put the market in a position to challenge the next main top at $115.29. This is a potential trigger point for an acceleration to the upside.
A sustained move under $111.64 will signal the presence of late session sellers. If this generates enough downside momentum then look for the selling to possibly extend into the 50% level at $108.06.
For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire
New Zealand Prime Minister Jacinda Ardern tests positive for COVID
Shanghai hunkers down for final COVID battle, Beijing outbreak stubborn
Australia says Chinese spy ship did not breach law of the sea
Ford sells shares in EV maker Rivian for $188.2 million
Palestinians welcome foreign support in inquiry into reporter’s death
Sri Lanka eases curfew as new PM seeks to form cabinet
Related Quotes
(Bloomberg) — Jamie Dimon warned investors to prepare for an economic “hurricane” as the economy struggles against an unprecedented combination of challenges, including tightening monetary policy and Russia’s invasion of Ukraine. Most Read from BloombergElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutReady to Buy a House? Just Wait a Few WeeksJamie Dimon Says JPMorgan Is Bracing Itself for Economic ‘Hurricane’One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck,
Shares of lithium production company Livent Corporation (NYSE: LTHM) tumbled in Tuesday trading to close down 7.8% from Friday's close. You can blame Goldman Sachs for that. A 2019 spinoff from chemicals company FMC, Livent isn't the world's biggest lithium producer, but it's a sizable "tier 2" kind of a company that did $420 million in sales last year — but just barely broke even.
Despite being not yet operational, and having no revenue to its name (much less profits), Lithium Americas stock has had a terrific run as investors bid up lithium assets in anticipation of booming demand for the metal, which is used to make the batteries that power electric vehicles. With lithium currently priced at $60,000 a ton, Goldman sees that slipping 10% to $54,000 later this year — a pothole that precedes a bigger fall off a cliff. By next year, the banker believes, lithium prices will average just $16,000, a staggering 73% decline from present-day prices.
Nio (NYSE: NIO) stock surged this morning and had shot up 8.9% as of 10 a.m. ET as investors lapped up the latest delivery numbers from the electric vehicle (EV) maker, which seem to put to rest some of the market's major concerns. This morning, Nio reported it delivered 7,024 EVs in May, which was up 38% from April and just about 5% year over year. Nio confirmed its production picked up pace in May after a shutdown, and said it plans to ramp up production and deliveries even further in June.
Over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), had fallen roughly 5% as of 12:55 p.m. ET today. Meanwhile, shares of the large crypto exchange Coinbase Global (NASDAQ: COIN) traded more than 12% lower, while crypto bank Silvergate Capital (NYSE: SI) was down nearly 10%. Bitcoin rebounded over the weekend and early this week, with some investors eying a potential bottom.
(Bloomberg) — The days of pricey lumber might finally be over.Lumber futures are toppling to levels not seen since November amid fears of a softening housing market and economic recession. Futures fell as low as $604.50 per 1,000 board feet in Chicago on Wednesday, extending a slump to about 46% this year. The commodity’s collapse is a stark reversal from all-time highs set in 2021 during a pandemic-fueled homebuilding boom.“Lumber markets are probing for a floor,” said Kevin Mason, managing di
The share price took a hit after management offered soft revenue guidance and made changes to the company's financial reporting.
Yahoo Finance Live looks at several stocks tied to leading industry stories, including how Chinese stocks are recovering from China's COVID lockdowns.
Although there are a lot of successful strategies to make money on Wall Street, riding Warren Buffett's coattails has, arguably, been one of the most profitable for the past 57 years. Since the Oracle of Omaha, as Buffett has come to be known, became CEO of conglomerate Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) in 1965, he's overseen the creation of close to $695 billion for his company's shareholders, and has led Berkshire's Class A shares (BRK.A) to an annual average return of 20.1%. In other words, when Warren Buffett buys shares of a publicly traded company, Wall Street and investors rightly take notice.
Aurora Cannabis Inc. ("Aurora" or the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, has announced today the closing of its previously announced bought deal offering of units of the Company (the "Units") for gross proceeds of approximately US$172.5 million (the "Offering"). The Company sold approximately 70.4 million Units at a price of US$2.45 per Unit, including approximately 9.2 million Units sold pursuant to the exercise in full of th
Yahoo Finance Live's Seana Smith examines what to expect from GameStop's earnings report tomorrow.
Amazon shares moved higher Wednesday, potentially extending their recent winning streak to a sixth consecutive session, ahead of an end-of-week stock split for the world's biggest online retailer. Amazon said shareholders approved the 20-for-1 split, which was first made public in March, in a Securities and Exchange Commission filing last Friday. Amazon said shareholders of record on May 24 will receive 19 extra shares of the group for each one held.
Having built itself into a major North American steel player, Cleveland-Cliffs is ready for this massive headwind.
Technology companies that provide a real value for the economy will stand apart from those that benefited from pandemic-era hype.
Industrial giant 3M has been dealing with huge legal costs. It is finally telling investors just how much it's spending.
Chewy, Inc. ( NYSE:CHWY ) is possibly approaching a major achievement in its business, so we would like to shine some…
Grantham remains ultra bearish. But this trio may offer some protection.
Experts are worried about this asset. But Suze still likes it.
Yahoo Finance Live anchors discuss the stock market's performance after JPMorgan's Dimon warns of significant risks to the U.S. economy.
Growth stocks have been pummeled in the recent market sell-off as rising interest rates and fears of an economic slowdown hit investor sentiment hard. For a long-term investor, though, such periods of correction also offer some of the best opportunities to find growth stocks that could become huge winners in the next decade or so, given their business growth potential. Here are three such growth stocks that look like winners in the making.

source

future-dyanmics

Related posts
Positioning

Shielding of actin by the endoplasmic reticulum impacts nuclear positioning - Nature.com

Thank you for visiting nature.com. You are using a browser version with limited support for CSS. To…
Read more
Positioning

9th Abu Dhabi Strategic Debate: the value of the UAE's ambiguous position - Atalayar

Wednesday, December 7 , 2022PUBLICIDAD PHOTO/PAVEL BEDNYAKOK via REUTERS …
Read more
Positioning

Continued top-line growth and strong solvency position - Zurich Insurance

“The Group continues to be on track to exceed its strategic and financial targets for the…
Read more
Newsletter
Join THE PRO PEOPLE Family

Sign up for The Pro People Community's Daily Digest and get the best of Industry updates, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *