Crude oil above $70.00 first time since 2014

Today is the major moment for crude oil prices as it grasps $70.00 handle for the first time since 2014. The price continues upward while waiting for U.S decision against Iran. The market becomes the convinced U.S will take a hard stance against Iran nuclear deal and abandoned the deal.

Oil prices creep up on the expectation the deal scrapped and the sanction imposed on Iran which will limit the oil export which later decreases supply in the market.

Aside from the oil news, Nestle and Starbucks struck a deal. Nestle secure rights to market Starbucks products outside of the company coffee shops. The agreement valued $7.15 billion and paid up front.

Technical Analysis

Dow Jones Industrial Average (INDU)

The situation of Dow Jones Industrial Averages is unchanged as the index bounced from its SMA 200. The index traded inside triangle range and will continue until breakout happen. Traders will wait until breakout happens before placing any position.

Delta Airlines Inc (DAL)

DAL downward movement reached the bottom range of consolidation around $52.00 and the daily SMA 200. There is a bullish reaction, and it is possible for the share prices to bounce higher toward the top of consolidation around $55.00.

LyondellBasell Industries (LYB)

LYB is the target for a long position as the share prices traded between the SMA 100 & 200. The overall trend is bullish, and there is chance LYB will make long-term bounce. Traders could minimize the risk by placing stop order below the SMA 200.

Wallmart Inc (WMT)

WMT share prices sit at an interesting location, the long-term bullish trendline. However, it seems there is not much volatility since March. The range of movement span between trendline and daily SMA 200. We might see some volatility soon as the company ready to report earnings result.