Oil (F) 2014-11-19

0 1

Oil (F5):74.75

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 , where Japanese data show depend recession which indicating reduce demand for Oil

market managed to hit 73.20 low last friday, 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 , while zone of 79.00 may offer new opportunity to re-short-sell the market

above 79.75 expect farther advance toward 82.85

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 73.20 76.25
Level 2 72.50 77.90
Level 3 71.80 79.00-75


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