Oil (F) 2014-10-30

0 1

Oil (Z4):81.30 ….

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 this week to back to test support zone of 79.00-50

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 , while below 79.00 market may add more drop pressure to sustain movement toward 74.00 – 75.00 zone

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 80.00 82.35
Level 2 79.00-50 83.10
Level 3 78.00 84.00
short-term strategy: place short-sell at 85.00 , stop loss above 86.75 , target 75.00

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