MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Global macro overview for 03/03/2016

Global macro analysis for 03/03/2016:

The Crude Oil Inventories report (which are the actual inventories of crude oil, gasoline, and distillate, such as jet fuel, as reported on a weekly basis) was posted yesterday. Again the numbers easily beat the market expectations. The expected number of 3,400K, down from 3,502K a week ago, was beaten by the actual massive increase of 10,374K, much more than anticipated. In conclusion, we can again witness oil stockpiles grow as the supply glut persists. The question remains of how long the inventories capacity will be manageable to prevent the oil from another sell-off to even lower levels?

From the technical point of view, the oil price might get a temporary relief rally. In the H4 time frame, we might observe a bullish breakout attempt at the level of 34.32 that has failed so far. Nevertheless, the market still trades above the 21, 50, and 100 moving averages and as long as the level of 33.36 is not violated, bulls might still try again to break out above the resistance. In case of a successful breakout, the next target will be at the level of 38.13.

analytics56d7ebd1b2f99.jpg

The material has been provided by InstaForex Company - www.instaforex.com