{"id":10924,"date":"2021-06-28T17:10:57","date_gmt":"2021-06-28T16:10:57","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=10924"},"modified":"2021-06-28T17:26:28","modified_gmt":"2021-06-28T16:26:28","slug":"oil-drops-as-demand-worries-rise","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/oil-drops-as-demand-worries-rise\/","title":{"rendered":"Oil drops as demand worries rise"},"content":{"rendered":"\t\t
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Market Wrap<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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I personally only trade the Nasdaq<\/a> daily and keep an eye on longer term movements in the forex and equity markets. If I did not commentate on all markets, I could be forgiven to thinking the world was in a good place, as the Nasdaq is now defying the laws of gravity. Could this be a blow off top? Quite possibly.<\/p>

The Nasdaq tagged 14,500 and at the US futures open the S&P500<\/a> touched a new all-tie high before dropping below the London sessions lows. It feels like the S&P500 is losing steam and I still think the Dow Jones<\/a> is leading these markets on the next move, but if you were a perma-bear you would be very frustrated and probably ready to concede defeat. Which is why this could be a blow off top.<\/p>

European stocks are being hit by the impending doom emanating from the beaten-up travel sector. The eco-system over there is going to be paired down to just the thinnest of margins and companies that can literally survive on vapours. Rising fuel costs, stay-cations, governmental incompetence and a genuine fear of a spreading disease and its variants are causing the likes of airline and travel companies to haemorrhage money with no guarantee of being able to recoup any with summer holiday tourists.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Oil<\/a> and fuel process are set to continue unless OPEC+ open the faucets and start ramping up supply. In their latest summary they project a 1.7million barrel per day deficit in supply. Yes, they are talking up their own book, but the truth is in their somewhere. A tight market and increasing demand (currently) are likely to at least keep prices elevated at these levels, though today was one of those rare days where we have a red candle. The 20, 50 and 200 are some ways off below, so $71\u2019ish should be the first sticky area as is the swing high from 16th<\/sup> of June. However, if this European travel disaster picks up a head of steam we may be in a scenario where a large buyer of fuel just is not there, and we could quickly turn the deficit in supply to a deficit in demand.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The rising US dollar is also not helping oil process and today the daily 200 ema once again acted as both a magnet and a ceiling for the US dollar index<\/a> prices. The stochastic indicator is still in the overbought territory and the longer it stays here the more likely I see this US dollar trending higher. An overbought stochastic always works best quickly, or when there is divergence to price. Otherwise, price tends to grind higher, and the Stochastic will just reflect the rising higher prices that get touched daily.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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There have been quite a few ECB central bankers across the news wires today and the EURGBP<\/a> is pushing higher and no longer giving clear sell signals. The British pound is suffering because of the impending doom from the Delta variant and so far, it is EURGBP higher, GBPUSD<\/a> lower. UK shoppers were down week-on-week with a fall of 0.2% and pound traders will be looking to see if the EURGBP can break out above the 0.8600 or break down below the GBPUSD\u2019s support of 1.3790 in the coming days.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The ActivTrader sentiment indicator is showing that retail traders prefer the longs still with 74% buyers of the EURGBP.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Wrap See real-time quotes provided by our partner. I personally only trade the Nasdaq daily and keep an eye on longer term movements in the forex and equity markets. If I did not commentate on all markets, I could be forgiven to thinking the world was in a good place, as the Nasdaq is […]<\/p>\n","protected":false},"author":5,"featured_media":10925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[45,64,24,20,27,106,67],"yoast_head":"\nOil drops as demand worries rise - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/oil-drops-as-demand-worries-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil drops as demand worries rise\" \/>\n<meta property=\"og:description\" content=\"Market Wrap See real-time quotes provided by our partner. I personally only trade the Nasdaq daily and keep an eye on longer term movements in the forex and equity markets. 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