{"id":21567,"date":"2025-05-07T13:18:32","date_gmt":"2025-05-07T20:18:32","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=21567"},"modified":"2025-05-07T13:18:32","modified_gmt":"2025-05-07T20:18:32","slug":"fomc-oil","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/fomc-oil\/","title":{"rendered":"Post FOMC Life, July Bean Oil, Metals, Energies"},"content":{"rendered":"
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Post FOMC<\/h1>\n
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Post FOMC <\/em><\/h3>\n
by Mark O’Brien, Senior Broker<\/em><\/h3>\n
General:<\/strong><\/span><\/p>\n
The Federal Reserve on Wednesday announced that it will leave its benchmark interest rate unchanged as policymakers continue to monitor inflation and the labor market amid elevated levels of economic uncertainty.<\/p>\n
\u201cUncertainty about the economic outlook has increased further,\u201d the Fed indicated in its FOMC Statement.\u00a0\u201cThe Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.\u201d<\/p>\n
The central bank’s decision leaves the benchmark federal funds rate at a range of 4.25% to 4.5%.<\/p>\n
It comes after the Fed left rates at that level at its two previous meetings in January and March, which followed three consecutive rate cuts at its preceding meetings \u2013 which involved a 50-basis-point cut in September and a pair of 25-basis-point reductions in November and December.<\/p>\n
June gold futures ended April closing nine days with a >$100 per ounce price range, a $10,000 per contract move between its daily high and low trades.\u00a0Five trading days into May and we\u2019ve already seen two more, with a couple of >$80 ranges thrown in.<\/p>\n
Energies:<\/strong><\/span><\/p>\n
June crude oil traded intraday Monday \u2013 on the Sunday opening \u2013 to $55.30\/barrel and closed at the lowest in four years ($57.13 a barrel back in February 2021), after OPEC+ agreed to hike production for a second month.\u00a0The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes one month after OPEC+ surprised the market by agreeing to boost production in May by the same amount.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n
July bean oil broke out into a new high last month but was unable to sustain the move and now the chart has activated downside PriceCounts on the correction lower. The first count projects a possible slide to the 46.44 area.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an \u2018exact\u2019 science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. <\/em><\/p>\n
It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. <\/em><\/p>\n
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0You 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.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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