Crude Oil Resumes the Downtrend, As MAs Turn Into Resistance

Crude Oil has been bearish since June, as central banks picked up the pace of rate hikes and the global economy headed into recession. But, the

Crude Oil H1 Chart – The 100 SMA Turned Into Resistance

The bullish momentum seems to be over now

US September Retail Sales Report

• US September retail sales 0.0% vs +0.2% expected
• August sales were +0.3%
• Core sales ex-autos +0.1% vs -0.1% expected
• Prior core sales were -0.3% (revised to -0.1%)
• Control group +0.4% vs +0.3% expected
• Prior control group +0.0% (revised to +0.2%)
• Sales ex-autos and gas +0.3% vs +0.3% prior (revised to +0.6%)
• Gasoline stations -1.4% m/m vs -4.2% prior
• Retail sales YoY unadjusted for inflation +8.2% vs +9.4% prior

Last month, auto sales carried an otherwise mediocre month. This month, motor vehicles and parts fell 0.4% while other drags were furniture and appliance stores (-0.7%), electronics stores (-0.8%), and building material stores (-0.4%). Grocery stores rose 0.4% and clothing was a surprising source of strength at +0.5%. The market reaction to this report has been minimal.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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