Tuesday, 21 April 2015

2pm update - Oil in a minor retrace

Whilst equities continue to see minor weak chop, there are notable significant declines in Oil, -1.7%. Yet.. the broader trend remains strong, with WTIC Oil headed for the $60 threshold by mid May. Metals have built moderate gains, Gold +$7.


USO, 60min


*with the API report after the close... and the EIA report tomorrow (10.30am).. Oil remains vulnerable to further weakness. However.. any such retraces are arguably buying opportunities.

Little to add. Equities are in mere Tuesday chop mode. A break above key resistance of sp'2111 looks due before the weekend.

notable weakness, coal miners, BTU -5.5%.. set to break new multi-year lows