US crude oil prices are now trading at around 80.45. moves below the upper band line in the daily timeframe. Visually, the daily candlestick shape has been getting bigger since last week, this indicates volatility is increasing day by day.
The Bollinger band indicator, which is one of the indicators for measuring volatility, appears to be expanding, this reflects increasing volatility.
On Monday, the oil market was optimistic with the price increase reaching 81.55, and the increase continued to 81.63 on Tuesday. However, the price finally fell again to near the starting point of the 80.00 price level. Some of the reasons that caused the drop in oil prices were, that more supplies were released on the market by the Republic of Congo. Bloomberg reported that the Republic of Congo exported crude oil at its highest rate in 17 months.
Apart from that, US CB Consumer Confidence data which is higher than forecast is also considered to trigger the USD to strengthen and impact oil demand. CB Consumer Confidence's actual data is 100.4 with a previous revision of 101.3 and a forecast of 100.0. This is a survey of about 3,000 households that asks respondents to rate the relative level of current and future economic conditions including labor availability, business conditions, and overall financial situation.
The news in focus today is that New Home Sales are a major economic indicator because new home sales can trigger a wide ripple effect.
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The Bollinger band indicator, which is one of the indicators for measuring volatility, appears to be expanding, this reflects increasing volatility.
On Monday, the oil market was optimistic with the price increase reaching 81.55, and the increase continued to 81.63 on Tuesday. However, the price finally fell again to near the starting point of the 80.00 price level. Some of the reasons that caused the drop in oil prices were, that more supplies were released on the market by the Republic of Congo. Bloomberg reported that the Republic of Congo exported crude oil at its highest rate in 17 months.
Apart from that, US CB Consumer Confidence data which is higher than forecast is also considered to trigger the USD to strengthen and impact oil demand. CB Consumer Confidence's actual data is 100.4 with a previous revision of 101.3 and a forecast of 100.0. This is a survey of about 3,000 households that asks respondents to rate the relative level of current and future economic conditions including labor availability, business conditions, and overall financial situation.
The news in focus today is that New Home Sales are a major economic indicator because new home sales can trigger a wide ripple effect.
View attachment 7135
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