Crude Trade Lower Following Breakout Past $80/bbl

22 October 2009 @ 01:46 pm EDT

Crude futures barreled past $80/bbl and our 3rd tier uptrend line on a surge in volume as the Cable logged large gains and weekly gasoline inventories shrank. Therefore, crude's exciting near-term gains have toppled their latest technical barrier as anticipated after eclipsing our important downtrend lines and the psychological $75/bbl level. Meanwhile, the Dollar's downward trajectory is intact after the Fed's Beige Book confirmed that the central bank has little intention of raising rates in the foreseeable future. Meanwhile, the GBP/USD has leapt past important topside technicals and the EUR/USD is contemplating leaving behind 1.50. Hence, crude's positive correlations are creating an environment supportive of further gains in commodities. Therefore, we presently have little reason to alter our positive trend outlook on crude.

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