The bullish rally in the oil market! | 01 Octubre 2021

The bullish rally in the oil market!


#WTI:


Oil prices rose on last week, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes. The reality is setting in - there's more talk about global inventories tightening and there are concerns about supply issues going into winter. This is a bullish signal for oil prices! In a sign of strengthening fuel demand, East Coast refinery utilisation rates in the United States rose to 93%, the highest since May 2019, EIA data showed.


Trading recommendation: Buy 72.70 and take profit 74.70.


The bullish rally in the oil market!


#SP500:


The Federal Reserve decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. The Fed indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. This is a positive signal for the stock market!


Trading recommendation: Buy 4450 and take profit 4543.


The bullish rally in the oil market!


XAUUSD:


The gold, which usually has an inverse relationship with the dollar, eased from after the Federal Reserve signaled it would soon start reducing its monthly bond purchases and set the stage for higher interest rates next year, while leaving room to slow things if needed. The U.S. central bank gave advance notice of its tapering intention, thereby confirming its economic optimism. The Fed should start to reduce its support for the economy in November and could start raising rates by the end of 2022 if labor markets continue to improve as expected, Cleveland Federal Reserve Bank President Loretta Mester said. This is a negative signal for protective assets, where gold occupies a leading position.


Trading recommendation: sell 1774.50 and take profit 1745.10.

 

David Johnson
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:

Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.