Oil (F) 2014-11-14

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Oil (Z4):74.15

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 managed to hit 73.20 low today , which showing market inside oversold zone , while market may obtain some trading zone between 72.00 – 79.75

as long as market holding trades below 79.75 the downtrend wave will sustain

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 73.20 74.60
Level 2 72.50 75.85
Level 3 71.80 77.90
short-term strategy: place short-sell at 78.50 zone , stop loss above 79.75 , target 71.90
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