Settlement for November 11, 2012
US crude oil futures are settling the day at $43.41. That is down $1.25 or 2.8%.
A week ago the December contract settled at $44.13. The decline this week equals -1.62%. The high price reached $45.95 on Wednesday. The low -reached today- was at $43.03. That low was pretty much equal to the low on Wednesday at $43.07. For today the high price extended to $44.63.
Looking at the daily chart, the pair is ending the week below the 50% of the move up from the January low (for the contract) at $43.84. That level also corresponds to the swing low from September (see chart below). The high this week also stayed below the 200 day MA at $46.35 and below a broken trend line (on a closing basis - trend line is at $45.51 currently).
A more bearish week - for sure - but was it the major focus? Not really. Bonds, maybe stocks and the catalyst for it all - Trump - were the major stars for the week.
