Will Iranian Sanctions Push Oil Higher ?
Michael Seery of Seery Futures - InsideFutures.com - Fri Oct 19, 2:26PM CDT

Crude Oil Futures--- Crude oil futures in the December contract is currently trading at 69.42 a barrel after settling last Friday in New York at 71.18 down about a $1.75 for the trading week hitting a 4 week low experiencing high volatility.

I have been recommending a bullish position from around the 71.55 level & if you took the trade continue to place the stop loss on the closing basis only at 67.50 as I still remain bullish, but prices have not reacted like I thought especially with the possible conflict with Saudi Arabia looming as prices have been following the U.S stock market to the downside.

Oil prices are trading below their 20 day, but still slightly above their 100 day moving average as the trend is lower, however like I've talked about in previous blogs this was a counter trend recommendation as I do think the downside is limited.

Excellent demand for the entire energy sector has pushed prices higher as we have now dropped about 10% over the last 2 weeks in a rather dramatic fashion, but I still think with the Iranian sanctions coming in the next couple of weeks prices will find a bottom soon.

TREND: ---LOWER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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