Tushar_CSFX72
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Daily Commodity Analysis – oil, gas plunge, gold, copper struggle.
Introduction
Oil prices declined on Monday as global economic concerns weigh on the demand outlook, overshadowing geopolitical tensions in the Middle East. U.S. crude futures slip to $73.13 a barrel, reflecting prevailing market sentiment. Meanwhile, natural gas prices plummet 24% amid warmer weather forecasts. Gold faces pressure from expectations of prolonged higher interest rates, while copper edges lower due to weak economic outlook in China, indicated by underwhelming GDP figures and limited policy support from the People’s Bank of China.Markets In Focus Today – BRENT CRUDE OIL
Oil Down As Economic Headwinds Weigh On Demand Outlook.
Oil prices lost more ground on Monday as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. For February delivery, the front-month U.S. West Texas Intermediate crude futures were down 28 cents to $73.13 a barrel with the contract set to expire later on Monday. The more active March WTI contract was $73.04 a barrel, down 21 cents. This morning’s subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East.Technical Overview With Chart :
Moving Averages :
Exponential :
- MA 10 : 78.16 | Negative Crossover | Bearish
- MA 20 : 78.11 | Negative Crossover | Bearish
- MA 50 : 79.44 | Negative Crossover | Bearish
Simple :
- MA 10 : 78.05 | Negative Crossover | Bearish
- MA 20 : 78.08 | Negative Crossover | Bearish
- MA 50 : 78.64 | Negative Crossover | Bearish
Stochastic Oscillator : 63.41 | Buy Zone | Negative
Resistance And Support Levels :
- R1 : 80.60 R2 : 82.82
- S1 : 73.40 S2 : 71.18