Intraday Market Thoughts

Archived IMT (2009.05.27)

by Ashraf Laidi
May 27, 2009 11:27

Oil breaks above its 200-day MA for the first time since August, hitting $63.05, the highest since November. With OPEC seen unchanged on supply, and US equities likely to make a fresh attempt to take out their 200-day MAs (8829 in Dow, 934 on S&P500), oil strength and US weakness could get a fresh boost into $68 per barrel. GBPUSD breaks $1.60 and on its way to completing its reverse head-&-shoulder formation, targeting 1.6350, with support gaining to $1.5730. EURCHF Hot-Chart out now. Yen weakness deepens on rallying Asian equities and North Korean nuclear tensions.


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