Oil (F) 2014-11-04

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Oil (Z4):76.70

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 break below 79.00 zone

market managed to execute our short-sell orders at 79.00 zone , while will hold trades with same target

as long as market holding trades below 79.50 the downtrend will sustain toward 74.00 – 75.00 zone

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 75.75 77.65
Level 2 75.00 78.40
Level 3 74.00 79.00-50
short-term strategy: keep trades we sold at 79.00 , stop loss above 79.50 , target 74.00-75.00 zone
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