Markets erase early gains💥

4:28 PM 14 October 2022

WTI crude oil loses more than 3% and descends into areas not seen in 10 days📉

After yesterday's strong gains in the stock market, today we are seeing a change in sentiment to downward. Already after the start of the US session, Wall Street saw selling pressure, and the downward movement accelerated after UoM data showed an increase in inflation expectations. Currently, the Nasdaq (US100) is losing more than 1%, and the price has returned below the EMA100 average again. If the current sentiment does not change, a move towards the level of 10775 points, where there is support from the 61.8% Fibonacci retracement of the last upward wave, is not excluded. 

The situation is similar in the oil market, where WTI is losing more than 4.5% and going down to areas not seen in 10 days. In the black gold market, demand has recently been stimulated by a production cut of 2 million barrels per day in November. Nevertheless, the market at the moment is more concerned with macro data, particularly CPI inflation, which surprised in the US with higher readings.  

 

US100 H1 interval. Source: xStation5

OIL.WTI D1 interval. Source: xStation5 

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits