Crude futures are hanging just below our previous 3rd tier downtrend line after posting a solid recovery from our 1st tier uptrend line. Crude futures picked themselves up after Friday's sell off on large volume following broad based depreciation of the Dollar coupled with the S&P breaking through 1050. Investors returned to risk in the aftermath of better than expected global economic data. The most positive catalyst for crude futures was the impressive showing in Core Retail Sales on Tuesday. Improvement in consumption helps raise the outlook for present and future demand for commodities such as crude. As for the supply side, the U.S. reported another large inventory shortage for the third time in the past four weeks. The dramatic drop in supply combined.....Read the entire article
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