Crude oil prices have been unable to build on the large gains made during Monday’s sessions. Those gains were driven by increased concerns over the potential restriction of Iranian oil exports after Israeli Prime Minister Benjamin Netanyahu accused Tehran of having a secret plan to build nuclear weapons.
Oil prices managed to recover from sharp losses yesterday, but still remain in the red for the week. At the start of today’s session, prices were a little weaker as speculators made a more sober assessment of yesterday’s oil report. At first sight, the EIA’s weekly crude stocks data appeared bullish.
Some breakout setups with forthcoming trending weekly pivots are in place for the week in the euro, pound, crude oil, gold by pivot and range math, and the Aussie by daily narrowed range breaking higher. Going long the Aussie, crude and gold today (Friday) are weekly-expiration, daily candlestick trade ideas.