I have a TL touch almost to the tick on my daily chart from the overnight session. There doesn't seem to be a lot of buying exuberance there, though. NYMEX open will tell.
Wow thank god for crying babies, I limped out last night and early this morning. Who is Keltner? I attached the statement since I was not able to post. How about that dollar
You know if this 86.78 R holds and price then breaks that TL, 85.25 would be a measured move down. But it seems too low to go lower
NYMEX-Crude falls on India rate hike, U.K. GDP dip http://www.reuters.com/article/idUSN2531465220110125 NEW YORK, Jan 25 (Reuters) - U.S. crude oil futures prices fell on Tuesday A) after India raised interest rates and B) on lift from a stronger dollar as expectations for higher euro zone interest rates eased on news of Britain's weak fourth-quarterGDP data. C) Ahead of weekly oil inventory reports, a Reuters analyst survey on Monday yielded a forecast for crude stocks to have posted another build last week, with imports expected to be up again and also rising after the resumption of flows in the Alaska pipeline. [EIA/S] Last week, the U.S. Energy Information Administration reported that U.S. crude oil inventories rose 2.62 million barrels in the week to Jan. 14, against expectations stockpiles would be lower. [ID:nN20121052] FUNDAMENTALS * On the New York Mercantile Exchange, March crude CLH1 fell $1.18, or 1.3 percent, to $86.69 a barrel at 8:35 a.m. EST (1335 GMT), trading from $86.30 to $87.85. That intraday low was the lowest front-month crude price since prices fell to $86.27 on Dec. 2, 2010. * India's central bank raised interest rates by a quarter of a percentage point to clamp down on inflation and warned of persistently higher food prices unless steps are taken to boost supplies. [ID:nSGE70O07R] * Britain's economy suffered a 0.5 percent contraction in fourth-quarter 2010 after December's heavy snow took a far harsher toll than economists had forecast, official data showed on Tuesday. [ID:nAHLOCE7CK] * Iraq's oil exports from its southern ports have jumped to 1.8 million barrels per day (bpd) so far in January, up 300,000 bpd from December, according to shipping data tracked by Reuters. [ID:nLDE70O1A0] * OPEC member Kuwait's oil minister said that he was happy with the current oil prices near $90 a barrel. OPEC's output decision would depend on the market conditions and the level of compliance from producers, Oil Minister Sheikh Ahmad al-Abdullah al-Sabah told reporters. [ID:nLDE70O07E] * Indian refiners processed 8.3 percent more crude oil in December from a year earlier, reversing a four month declining trend, official data showed. Domestic refiners processed 3.48 million bpd of crude oil in December. [ID:nWNAS0632] MARKETS NEWS * The euro came off a two-month high as the euro zone rescue fund's first debt offering attracted strong demand as expected, while the pound fell after a shock contraction in the UK economy last quarter. The dollar index .DXY strengthened against a basket of currencies. [USD/] * Copper fell more than two percent as investors worried that rising interest rates in emerging economies would dampen metals demand, and a falling dollar did little to cushion prices. [MET/L] * Sterling and British shares fell following a shock contraction in UK economic growth in the fourth-quarter 2010, spawning renewed worries over economic recovery that rippled into other markets. [MKTS/GLOB]