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5 Jan 2015
NYMEX crude oil inversion underway? – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader sees e-SPH and NYMEX cryde exhibiting evidence of a budding inversion, noting that Crude is preparing for a recovery towards $65/$70.
Key Quotes
“As we wave goodbye to the first half-session of trading during 2015, I must confess that both the e-SPH and nearby NYMEX Crude Oil exhibit anecdotal evidence of a budding inversion.”
“In English, "inversion" means that there is evidence to suggest that the e-SPH is on the verge of rolling over into an assault on its Oct 16 support line, now at 2000, while besieged Crude Oil is preparing for a recovery "thrust" towards $65/$70.”
“If the e-SPH is unable to claw its way back above 2057 by today's close, and if Oil manages to hold above $52.65 or close above $53.90, then the likelihood of the follow-through to their current respective directions increases meaningfully.”
Key Quotes
“As we wave goodbye to the first half-session of trading during 2015, I must confess that both the e-SPH and nearby NYMEX Crude Oil exhibit anecdotal evidence of a budding inversion.”
“In English, "inversion" means that there is evidence to suggest that the e-SPH is on the verge of rolling over into an assault on its Oct 16 support line, now at 2000, while besieged Crude Oil is preparing for a recovery "thrust" towards $65/$70.”
“If the e-SPH is unable to claw its way back above 2057 by today's close, and if Oil manages to hold above $52.65 or close above $53.90, then the likelihood of the follow-through to their current respective directions increases meaningfully.”