Crude Oil Technical Updates 20-Oct-2011

Oil Trend! 20-10-2011
Technical:

R2=90.95

R1=88.59

PP=87.03

S1=84.94

S2=83.65

Yesterday oil has breached its support level at $86.20. Buy oil above $86.20, upside targets are $86.75 and $87.17. Below $85.35 is selling. Downside targets are $84.74 and $83.21.
Fundamental:
Oil dropped as Europe struggled to tackle its debt crisis and the Federal Reserve said companies were increasingly pessimistic about the U.S. economy, stoking speculation commodities demand may falter. U.S. fuel use fell 2.2 percent to the lowest since May last week while crude stockpiles shrank, the Energy Department said.

By

M.Zohaib Gadit

Forex Trading Consultant