Crude Oil Market: Technical Outlook
October 07, 2011
R2=85.19
R1=83.72
PP=81.39
S1=79.92
S2=77.59
Today oil may perform in a range bound trading pattern. If cross $83.54 then it can go up to $87.45. Otherwise down below $80.20 may leads to $79.73 and $79.
Fundamental:
Oil headed for its first weekly gain before an employment report forecast to show that U.S. gained jobs last month. The European Central Bank President yesterday announced a bond purchase program to tackle the debt crisis. If we got job numbers of U.S., we could get a bit of rally in oil here. Oil also gained on signs that oil from Libya may return faster than expected after a rebellion against Gaddafi.
By
M.Zohaib Gadit
Forex Trading Consultant
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