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Catching Big Waves - a trader's journal of surfing the the markets
A support zone I have been expecting for days if not weeks has been entered. Not that it has any more meaning than any other zone that culd or could not hold. But it means I put more emphasis on what the market says here.
Price has taken out the prior low (red dash), which is what I prefer to see happen.
By Ben Sharples
Bloomberg
May 23, 2012
Oil declined for a second day in New York after Iran agreed to grant access to United Nations nuclear inspectors and U.S. crude stockpiles increased. Futures slid as much as 1.1 percent. UN inspectors and Iran broke a five-year stalemate with a deal that gives the International Atomic Energy Agency access to the nation's Parchin military complex, IAEA head Yukiya Amano said yesterday. Oil advanced in the first four months of this year on concern sanctions against Iran will disrupt supplies. U.S. crude inventories rose 1.5 million barrels last week, the American Petroleum Institute said. A government report today may show a gain of 1.7 million. "The agreement by Iran to let the inspectors in is a small step in potentially reducing the supply risk," said Ric Spooner, a chief market analyst at CMC Markets in Sydney. "That feeds into the overall situation where demand is steady to somewhat soft against a background of more than adequate supplies."
