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.
Crude oil prices have bounced off their worst levels amid profit-taking after falling for the third consecutive day. Oil prices have given back a significant chunk of their gains made over the past couple of weeks.