{"id":20369,"date":"2024-10-15T20:22:54","date_gmt":"2024-10-15T20:22:54","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=20369"},"modified":"2024-10-15T20:24:26","modified_gmt":"2024-10-15T20:24:26","slug":"oil-slumps-on-opec-demand-downgrade-metals-rally-as-fed-rate-cut-hopes-grow","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/oil-slumps-on-opec-demand-downgrade-metals-rally-as-fed-rate-cut-hopes-grow\/","title":{"rendered":"Oil Slumps on OPEC Demand Downgrade, Metals Rally as Fed Rate Cut Hopes Grow"},"content":{"rendered":"\n\n\n
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Movers and Shakers<\/h3>\n

By John Thorpe, Senior Broker<\/p>\n

Oil took another $3 .40 nosedive when OPEC announced a smaller than expected demand growth forecast for 2025 for the Third time!<\/p>\n

Updated: October 14, 2024 8:43 am<\/p>\n

For the third time OPEC slashed its 2024 and 2025 worldwide crude oil demand growth rate. This year’s demand was lowered to 1.93 mln bpd, down from last month’s projection at 2.03 mln mt. Analysts noted much the downgrade came from lower expected Chinese demand. Next year’s demand growth is seen at 1.64 mln bpd down from 1.74 mln bpd previously forecast.<\/p>\n

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Flirting with the low end of the 25 month old range, November crude held it\u2019s ground around $69.75\/bbl level , a mere 3 dollars from the springtime 2023 lows.<\/p>\n

Equity markets were upset\u00a0by poor United healthcare Group end of year Guidance although they beat EPS estimates, Buy the rumor sell the fact?\u00a0UNH shares down 48.25 per share or nearly 8%.<\/p>\n

Metals cruised higher today with the CME FedWatch tool reflecting a solid 90% chance the FED will lower rates .25-50 in its November meeting is again fueling speculative buying in the Yellow Metal.<\/p>\n

The All time high in the December contract is 2708.70 , are we flirting with that number?, yes,\u00a0as of this writing GCZ24 is @ 2678.00 can we take that out?\u00a0Stay tuned\u2026<\/p>\n

Sympathetic Silver is recouping it\u2019s bullish stance, 1.80 away from it\u2019s contract high @ 31.70 \/oz +.37 for the day<\/p>\n

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Watch Tomorrow\u2019s Movers and Shakers:<\/strong><\/p>\n

No Fed Speakers, No Economic Data, very few ,if any earnings that would make headlines.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for Oct. 16th 2024<\/p>\n

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Join our\u00a0Private Facebook group Subscribe to our\u00a0YouTube Channel Listen to our podcast: Subscribe on\u00a0Apple,\u00a0Spotify,\u00a0Amazon,\u00a0or wherever you listen to podcasts! Movers and Shakers By John Thorpe, Senior Broker Oil took another $3 .40 nosedive when OPEC announced a smaller than expected demand growth forecast for 2025 for the Third time! Updated: October 14, 2024 8:43 am […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[231,76,119,230,782,67,30,61,236],"tags":[],"class_list":["post-20369","post","type-post","status-publish","format-standard","hentry","category-commodity-brokers-2","category-commodity-trading-2","category-crude-oil","category-day-trading-2","category-economic-trading","category-future-trading-news","category-futures-broker-2","category-futures-trading-2","category-metal-futures"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=20369"}],"version-history":[{"count":6,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20369\/revisions"}],"predecessor-version":[{"id":20376,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20369\/revisions\/20376"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=20369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=20369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=20369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}