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Crude Oil Outlook 8.26.2016

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Friday August 26, 2016

Hello Traders,

Greetings!

Crude Oil Futures Are Reaching a Decision Point
I like the potential of being bullish on crude oil futures for next few weeks! Here are a few ways you can do this:

Crude oil futures have been providing quite a bit of excitement the last few months. Most traders, myself included, like excitement when it comes to trading. It means two things: opportunities and risks.

The recent pullback in crude oil future prices present a buying opportunity, in my opinion.

Looking at the daily chart of crude oil below, you will see that I marked what I feel should be a support level for resumption of the upside move.

Read the Rest of the article along with charts here

GOOD TRADING

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels

Levels for Trade Date of  8.26.2016

Contract Sept. 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2187.75 4820.33 18563 1255.83 95.07
Resistance 2 2182.50 4807.17 18524 1249.47 94.94
Resistance 1 2178.00 4794.58 18484 1244.53 94.83
Pivot 2172.75 4781.42 18445 1238.17 94.69
Support 1 2168.25 4768.83 18405 1233.23 94.58
Support 2 2163.00 4755.67 18366 1226.87 94.45
Support 3 2158.50 4743.08 18326 1221.93 94.34
Contract Dec. Gold Sept. Silver Oct. Crude Oil Sept. Bonds Sept.   Euro
Resistance 3 1339.3 18.78 48.76 173 19/32 1.1348
Resistance 2 1334.8 18.70 48.11 173 2/32 1.1328
Resistance 1 1330.1 18.60 47.72 172 11/32 1.1309
Pivot 1325.6 18.52 47.07 171 26/32 1.1289
Support 1 1320.9 18.42 46.68 171 3/32 1.1271
Support 2 1316.4 18.34 46.03 170 18/32 1.1251
Support 3 1311.7 18.24 45.64 169 27/32 1.1232
Contract Dec. Corn Dec. Wheat Nov. Beans Dec. SoyMeal Oct. Nat Gas
Resistance 3 340.9 431.4 1015.33 334.87 3.05
Resistance 2 338.8 429.6 1007.17 331.53 2.97
Resistance 1 335.4 426.7 991.33 325.17 2.93
Pivot 333.3 424.8 983.17 321.83 2.85
Support 1 329.9 421.9 967.3 315.5 2.8
Support 2 327.8 420.1 959.17 312.13 2.74
Support 3 324.4 417.2 943.33 305.77 2.69

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:16pm Currency Impact Detail Actual Forecast Previous Graph
FriAug 26  2:00am EUR
GfK German Consumer Climate
10.2 10.0
4:00am EUR
M3 Money Supply y/y
5.0% 5.0%
EUR
Private Loans y/y
1.8% 1.7%
4:30am GBP
Second Estimate GDP q/q
0.6% 0.6%
GBP
Prelim Business Investment q/q
-0.9% -0.6%
GBP
Index of Services 3m/3m
0.4% 0.3%
8:30am USD
Prelim GDP q/q
1.1% 1.2%
USD
Goods Trade Balance
-62.3B -63.3B
USD
Prelim GDP Price Index q/q
2.2% 2.2%
10:00am USD
Fed Chair Yellen Speaks
USD
Revised UoM Consumer Sentiment
90.6 90.4
USD
Revised UoM Inflation Expectations
2.5%
All Day ALL
Jackson Hole Symposium

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Tags: > > Posted in: Crude Oil   | Future Trading News  

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