44 is a decision point for oil, again!

Oil had no trouble falling through $45 this morning on a stronger dollar and concerns of a higher discount rate. $44 has been one of those arbiter pricing levels for future trend determination. Spikes off of $44 have been violent. $45.00 looks to be solid resistance to the upside. Below $44.00, look at the prior low in the region $43.05. Macro story still unchanged, markets understand that a mediocre American economy - albeit improving, isn't a panacea for global demand dynamics.

Kommentera:

Oil is grinding lower nicely this morning after a volatile morning. 44 held as resistance during Friday's NYMEX close, but has failed this morning. The next level to watch is prior regional low at 43.05.