Oil (F) 2014-10-23

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Oil (Z4): 80.65 …. New Contract

Oil extend drop below 90.00 as IMF cut Global Growth Forecast

market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009

market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure

market faced another slump yesterday after U.S stockpiles inventory , while managed today to hit 80.05 levels

as long as market holding trades below 86.30 the downtrend pressure will sustain

short-run
we will advise to book profit for trades we sold from 83.00 zone , while will wait for any rebound correction toward 85.00 zone to re-short-sell market

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 80.00 80.75
Level 2 79.00-50 81.60
Level 3 78.00 83.10
short-term strategy: take profit from market now for the trades we sold at 83.00 zone
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