Crude Oil - Crude Oil Looks to Continue Bearish Correction

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The price for a barrel of Crude Oil has begun a modest decline since January 3rd. The resurgent US dollar helps explain much of this bearish behavior. However, technical indicators also suggest that oil was anticipating a bearish correction to its latest surge regardless of USD values.

Should the greenback continue its bullish run after the publication of Non-Farm Payrolls ( NFP ) at 13:30 GMT today, Crude Oil prices will most likely remain in a bullish corrective pattern through the middle of next week.

If European data shows a continued slow-down in growth with today's publication of German industrial production and regional GDP, the price of Crude Oil will find additional resistance as fundamentals harken towards a decline in demand. Unless today's NFP data surprises with negative figures, traders should anticipate a bearish price of oil through the remainder of this week's trading.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

Referenced Stocks: NFP

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