Oil (F) 2014-11-07

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Oil (Z4):78.10

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 market still holding trades below resistance of 79.50

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

as market waiting today important figures over U.S labor market will advise to book profit from market at the available prices

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 77.60 79.50
Level 2 76.60 80.90
Level 3 75.85 82.85
short-term strategy: take profit at the available prices for the trades we sold from 79.00
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