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Crude Oil Fundamental Analysis February 22, 2012, Forecast

Economic Events: ( GMT )

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Crude Oil Fundamental Analysis February 22, 2012, Forecast

Analysis and Recommendations:

Crude Oil is currently $104.67 a barrel on the New York Mercantile Exchange. It traded as high as $105.44 at a nine-month high Tuesday, pushing over $105 a barrel on fears of more supply disruptions from Iran's latest move and as traders cheered Greece's second bailout.

The supply concerns took hold after Iran announced Monday it cut off oil sales to the U.K and France. Separately, European authorities agreed on a Greek bailout package earlier Tuesday.

U.S. markets were closed Monday for the Presidents Day holiday, and Tuesday was the first U.S. floor trading day to react to both crucial events for the oil trade.

February 21, 2012 Economic Reports actual v forecast

NZD Inflation Expectations (QoQ) 2.5% 2.8%
AUD RBA Governor Stevens Speaks
JPY All Industries Activity Index (MoM) 1.3% 1.5% -1.0%
CHF Trade Balance 1.55B 2.50B 2.01B
GBP Public Sector Net Borrowing -10.7B -9.1B 11.1B
TRY Turkish Interest Rate Decision 5.75% 5.75% 5.75%
CAD Core Retail Sales (MoM) 0.0% 0.2% 0.4%
CAD Retail Sales (MoM) -0.2% -0.2% 0.4%
CAD Wholesale Sales (MoM) 0.9% 0.5% -0.3%
USD Chicago Fed National Activity 0.22 0.22 0.54
EUR Consumer Confidence -20 -20 -21
USD 2-Year Note Auction 0.250%
ARS Argentinian Unemployment Rate 7.3% 7.2%

Crude Oil Pivot Points (Time Frame: 1 Day)

Name S3 S2 S1 Pivot R1 R2 R3
Classic 103.463 104.052 105.093 105.682 106.723 107.312 108.353
Fibonacci 104.052 104.674 105.059 105.682 106.304 106.689 107.312
Camarilla 105.687 105.836 105.986 105.682 106.284 106.434 106.583
Woodie's - 104.165 105.320 105.795 106.950 107.425 -
DeMark's - - 107.018 105.829 105.388 - -

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


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

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