Crude oil fell close to 10% last three trading days. Bearish trend formed due to non-conclusive meeting between OPEC and US shale companies as well as up rising crude inventory in US. Few supports to be tested next week, USD48 & USD47. Buying opportunity could present for oil related companies, shall the downtrend persists.
US 10 Years Treasuries Notes:
US FOMC will be held on next Wednesday, so latest decision on interest rate will be known on Thursday. US bond market has been positioning for new rate hike as the bond yield hit the ceiling on last Dec when Yellen announced 0.25% increase. Unlike mid 2016 when rate hike worries easily induced chaotic trading condition in stock market, market seems to be living well with it meantime. Anyway, since the meeting coincides with crude oil inventory release date (highly anticipated to be another surplus record) next week, investor shall be aware of potential volatility incurred. Opportunity might be presenting instead of risk.
Market Calendar on coming week:
(SG: Singapore; CH: China; UK: United Kingdom; US: USA; JP: Japan)
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