Oil Trend! 18-10-2011
Technical:
As expected yesterday, oil failed to sustain the level of $86.18. Now today there are more chances that oil may meet our short term downside targets of $85.71 and $84.72. Sell oil using stop loss of $86.20.
Fundamental:
Oil traded near a two day low after China said its economy grew at the slow pace in two years and U.S. crude supplies were forecast to increase. Oil futures were little changed following yesterday's 0.5% decline after China said the economy grew at 9.1% in 3rd quarter. An energy department report tomorrow may show U.S. crude.
Technical:
As expected yesterday, oil failed to sustain the level of $86.18. Now today there are more chances that oil may meet our short term downside targets of $85.71 and $84.72. Sell oil using stop loss of $86.20.
Fundamental:
Oil traded near a two day low after China said its economy grew at the slow pace in two years and U.S. crude supplies were forecast to increase. Oil futures were little changed following yesterday's 0.5% decline after China said the economy grew at 9.1% in 3rd quarter. An energy department report tomorrow may show U.S. crude.
By
M.Zohaib Gadit
Forex Trading Consultant
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