Oil (F) 2014-11-10

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Oil (Z4):79.55

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

we advised to book profit last friday as indicators showing ability for some rebound correction , where market managed today to hit above 79.50

market may sustain advance where zone of 82.85 – 84.00 will consider resistance zone with opportunity to re-short-sell market

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 78.20 80.90
Level 2 77.10 82.85
Level 3 76.45 84.00
short-term strategy: place short-sell at 83.00-35 zone , stop loss above 84.00, target 79.10
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