Dec 12, 2017 – Weekly Commodity: Year end sell-off while US producers getting in focus

Mr Price Action/ December 12, 2017/ Charts, Charts Posts, Weekly Charts, Weekly Commodity, Weekly Notes, Weekly Notes Posts/ 0 comments

The last week was pretty bad for commodities in general as we experienced sell off all over the commodity market place. The most where sold out metals and softs, but energy sector was also hit. Main drivers were strengthening dollar, the changes in Chinese industry goin more green and also the rise of bitcoin as a possible substitute of gold as safe haven. The post OPEC meeting the price action after the decision signaled that the extension was already price in well and the market is now turning attention to US producers, if they manage to increase production to 10mil bpd until the end of  the year. We have this week also 2 monthly reports on Wednesday. The OPEC and the Paris based IEA will publish their monthly oil market overview and the analysts are wondering if this time the two reports will report similar views as in previous reports both presented very different oulook.

WTI crude weekly chart

Good Luck and remember to watch your risk and be consistent

Mr. Tech Man

 

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