NYMEX Light Crude : A breakdown at US$ 90 places 86 as the target
August 4, 2011 Leave a comment
Much like US socks, NYMEX crude has been hammered over the past fortnight, and is currently trading just under its 300 day SMA. A breach if US$ 90 will be very bad news, and has little to stop a fall to 86 or so.
Selling is probably a tad overdone and a bounce is due, but a catalyst will be needed, such as a better than forecast non farm payrolls (NFP) number tomorrow.
Indeed if oil goes below 90 and the Dow fails to rebound it will add pressure to the SET Friday and likely see 1110-1113 hit intra day.