{"id":20572,"date":"2024-11-13T13:27:04","date_gmt":"2024-11-13T21:27:04","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=20572"},"modified":"2024-11-13T13:27:04","modified_gmt":"2024-11-13T21:27:04","slug":"inflation-uptick-and-bitcoins-surge-navigating-new-highs-in-crypto-and-cpi","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/inflation-uptick-and-bitcoins-surge-navigating-new-highs-in-crypto-and-cpi\/","title":{"rendered":"Inflation Uptick and Bitcoin\u2019s Surge: Navigating New Highs in Crypto and CPI"},"content":{"rendered":"\n\n\n
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Listen to our podcast: Subscribe on\u00a0Apple<\/a>,\u00a0Spotif<\/a>y,\u00a0Amazon<\/a>,\u00a0or wherever you listen to podcasts!<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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CPI, Bitcoin New highs and More!<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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General:\u00a0<\/strong><\/p>\n

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Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported Wednesday.<\/p>\n

The consumer price index, which measures costs across a spectrum of goods and services, increased 0.2% for the month. That took the 12-month inflation rate to 2.6%, up 0.2 percentage point from September.<\/p>\n

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Excluding food and energy, the move was even more pronounced. The core CPI accelerated 0.3% for the month and was at 3.3% annually.<\/p>\n

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Both upticks were in line with economists\u2019 expectations.<\/p>\n

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Next up, tomorrow at 7:30 A.M., Central Time, the Bureau of Labor Statistics releases its latest reading on prices at the wholesale level: its Producer Price Index.<\/p>\n

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Energy:\u202f\u00a0<\/strong><\/p>\n

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Dec. crude oil traded briefly below $67.00 per barrel today for the second day in row \u2013 prices not seen in a couple of weeks.\u00a0 Crude oil prices have stayed under pressure most of the year as China, the world\u2019s second-largest economy and leading crude oil importer, has endured a sluggish post-Covid recovery in demand.<\/p>\n

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OPEC has been considering an unwinding of OPEC+ supply cuts in 2025 \u2013 if gradually.\u00a0 In September, OPEC+ postponed plans to begin steadily rolling back on the 2.2 million-barrel-per-day voluntary cut by two months in an effort to stem the slide of oil prices.\u00a0 The 2.2 million bpd cut, which was implemented over the second and third quarters, had been due to expire at the end of September.<\/p>\n

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Even if OPEC+ doesn\u2019t unwind the cuts, the future of prices is still looking bleak as key oil producers outside the OPEC alliance like the U.S., Canada, Guyana and Brazil are also planning to add supply.<\/p>\n

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The forecast for oil demand next year has hovered near the 1-million barrel-per-day level.<\/p>\n

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Crypto:\u202f\u00a0<\/strong><\/p>\n

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December Bitcoin futures continued its powerful upward price move today, puncturing 90,000 with an intraday high of 94,795, a \u00b1$20,000 per contract move in just seven trading days to its latest all-time highs.\u00a0 Traders believe the record-run in the world\u2019s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office in the Senate and House of Representatives.<\/p>\n

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TRY trading micro bitcoin futures in demo mode!<\/a><\/p>\n\n\n\n
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Daily Levels for November 14th 2024<\/strong><\/p>\n

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Good Trading!<\/div>\n
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About:\u00a0Cannon Trading is an independent futures brokerage firm established in 1988 in Los Angeles. Our mission is to provide reliable service along with the latest technological advances and choices while keeping our clients informed and educated in the field of futures and commodities trading.<\/div>\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! CPI, Bitcoin New highs and More! By Mark O’Brien, Senior Broker   General:\u00a0   Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported Wednesday. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1243,231,76,119,230,782,237,67,30,61],"tags":[],"class_list":["post-20572","post","type-post","status-publish","format-standard","hentry","category-bitcoin-futures","category-commodity-brokers-2","category-commodity-trading-2","category-crude-oil","category-day-trading-2","category-economic-trading","category-energy-futures","category-future-trading-news","category-futures-broker-2","category-futures-trading-2"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20572","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=20572"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20572\/revisions"}],"predecessor-version":[{"id":20574,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20572\/revisions\/20574"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=20572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=20572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=20572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}