23 Dec 2013
Oil’s 2-month rally loses momentum
FXstreet.com (Chicago) – Oil’s hourly charts reveal the stalling of the price below the $99 front with potential further downward action on potential H&S pattern is cracks take place.
The two-month rally seems to be coming to an end as the minimal losses suffered throughout today extend and consolidate a stalling movement in the afternoon of Monday’s trading session in the US. Hours away from the holidays, little seems to happen among market participants after the release of US data earlier in the morning (CT time). Despite having personal income falling to 0.2% vs. expected 0.5%m personal spending was 0.5%, matching expectations. Whether it is because of the holidays season or rather the positive allegedly improvements for the US economy, the contracts fall and trade at $98.75 printing lows at $98.66 and highs at $99.31.
The two-month rally seems to be coming to an end as the minimal losses suffered throughout today extend and consolidate a stalling movement in the afternoon of Monday’s trading session in the US. Hours away from the holidays, little seems to happen among market participants after the release of US data earlier in the morning (CT time). Despite having personal income falling to 0.2% vs. expected 0.5%m personal spending was 0.5%, matching expectations. Whether it is because of the holidays season or rather the positive allegedly improvements for the US economy, the contracts fall and trade at $98.75 printing lows at $98.66 and highs at $99.31.