Crude oil futures are settling at $59.75 up $0.32 on the day. For the trading week, the price is down $-1.06 or -1.74%.
Technically, the price high on Monday extended above the falling 200 bar moving average on the 4-hour chart but found willing sellers against the low of the swing area at $61.45. The upper swing area codes between $61.45 and $61.94.
On the lower end this week, the price did fall below the 100 bar moving average after holding support against that moving average last week. The price also fell below the lower swing area between $59.64 and $60.17. However, the momentum lower could not be sustained.
Going into next week, the 2 swing areas remain the key support and resistance targets that traders will look to break and stay broken. Watch those levels for bias defining clues.
This article was written by Greg Michalowski at investinglive.com.
If I had to try to pin down a catalyst for the comeback it would be the news on a few fronts:
The thing is, that all hit around 10 am ET and the market didn’t bottom until two hours later. What I would highlight is that the bottom came almost right at noon ET, which is also when Europe closed.
On the shutdown point, Democratic Senate leader Schumer is saying they’re looking for a one-year extension on healthcare subsidies. That has added to some positive momentum.
This article was written by Adam Button at investinglive.com.
Shares of ASPI are jumping today after a report that the sons of Donald Trump — Eric and Don Jr — invested in the convertible notes of its subsidiary. Quantum Leap Energy is wholly owned by ASPI and raised about $64.3 billion, according to Bloomberg. Among those investors were Trump’s sons and naturally, shares of the parent company are up 20%.
The notes value the company at $400 million, which is about half of ASPI’s market cap, so it certainly moves the needle for the company. Quantum Leap Energy sounds like it might be related to quantum computing — which is a meme of its own — but it’s a uranium enrichment company.
Trump’s sons have also invested in rare earths and — no surprise — the government is wholly backing that industry. Another investment was in Hadrian, a company that builds factories for aerospace and defense manufacturers.
The report doesn’t say how much the sons invested but it’s clear we’re now in an India-like investment regime where the companies directly connected to the government’s family and friends make large gains and losses depending on the election results.
This article was written by Adam Button at investinglive.com.
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