Oil Trend! 17-10-2011
Technical:
Oil has breach its short term resistance of $86.18. If maintain this level then it can touch $87.45 and $89.35. If oil breaks $86.18 then downside targets are $85.71 and $84.72.
Fundamental:
Oil extended gains after investors increased bullish bets on oil and European leaders pledged to deliver a plan to keep their debt crisis from sapping demand for fuel. Oil futures rose 1.1% adding to last week's 4.6% climb, after G20 finance ministers and central banks set an Oct.23 deadline for a plan to avoid a Greek default, bolster banks and curb contagion. China may say tomorrow its economy grew more than 9% last quarter.
Technical:
Oil has breach its short term resistance of $86.18. If maintain this level then it can touch $87.45 and $89.35. If oil breaks $86.18 then downside targets are $85.71 and $84.72.
Fundamental:
Oil extended gains after investors increased bullish bets on oil and European leaders pledged to deliver a plan to keep their debt crisis from sapping demand for fuel. Oil futures rose 1.1% adding to last week's 4.6% climb, after G20 finance ministers and central banks set an Oct.23 deadline for a plan to avoid a Greek default, bolster banks and curb contagion. China may say tomorrow its economy grew more than 9% last quarter.
By
M.Zohaib Gadit
Forex Trading Consultant
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