crude oil predictions technical analysis june 17 2011

crude oil predictions technical analysis june 17 2011 ; Crude oil prices fell heavily on Wednesday and continued to fall on Thursday, as pessimism over the outlook for global growth continued to weigh down on confidence in financial markets, sparking a selling wave on commodities including crude oil amid concerns over the outlook for demand due to the recent slowdown in economic activities in major economies around the globe.

Nonetheless, crude oil losses were limited on Thursday after the better than expected data from the United States, as jobless claims dropped better than expectations, while housing data signaled better than expected performance, yet the contraction witnessed in the Philly Fed index only added to concerns over the outlook of the U.S. economy.

We maintain our cautious but still bearish outlook for crude oil prices, since investors will be following the recent developments around global economies, and especially in the United States economy, as more bad economic data will put further downside pressure on crude oil prices.

technical analysis Friday june 17 2011

At 12:30 GMT, Canada will release the wholesale sales index for the month of April, where wholesale sales increased by 0.1% back in March.

At 13:55 GMT, the University of Michigan will release the preliminary estimate for confidence for the month of June, where consumer confidence is expected to rise to 74.5 from 74.3.

At 14:00 GMT, the U.S. will release the leading indicators index for the month of May, where the index is expected to rise by 0.2% after falling by 0.3% in April. For the latest updates PRESS CTR + D or visit Stock Market news Today

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