Oil (F) 2014-10-24

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Oil (Z4): 81.35 ….

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 after U.S stockpiles inventory , while managed yesterday to hit 80.05 levels

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

short-run
market may hold short-run trading zone between 79.00 – 85.00

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: flat
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