CLU3 Hedge-Funds Hold a Record LONG Position Near Term Support $99.00:
Crude Oil is trading to new swing lows this morning as the market has reached a low of 103.56 so far. Poor data out of Europe has put a slight drag on commodity prices to start the morning, and a signal that Australia may lower interest rates has encouraged an uptick in the Dollar Index. Still, the psychological 82 level has acted as strong resistance and a close above there today, will help encourage a strong chart setup in the Dollar, likely putting further pressure on commodities. A close below the 103.67-85 level in Crude will weigh heavily likely creating more liquidation as Crude corrects into key economic data and later in the week. A close back above 104.55, yesterday's market close will put this market against resistance but also negate some of the early negative activity. The 104.79-105 level will be crucial resistance and be a tough barrier for this market to reach back above yesterday's 105.37 high.
Resistance -104.79-105***, 105.75-105.95**, 106.91**, 107.88*, 108.93**, 110.00***
Support - 103.67-103.85**, 103*, 101.50-72***
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.