Intraday Market Thoughts

Archived IMT (2009.05.29)

by Ashraf Laidi
May 29, 2009 17:31

Oil is up by over $15 in May, its biggest monthly gain in more than a decade attaining a 6-month high of $66.40. The 38% retracement of the slide from the record high of $147 to the $29.40 low stands at $74.40. The gold/oil ratio reached 14.5, dropping below its 200-day MA of 15.50. Next support emerges at 13.80, which is the 55-week MA. While there seems economic resistance surging oil prices, theres less strains associated with rising gold and metals prices. USDNOK drops 14% off its 7.32 high to 6.30, nearing the 50% retracement at 6.13. Downward channel from Feb high eyes 6.15, followed by 5.80.


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