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Key Trade SELL OIL 18th June 2012
Key Trade SELL OIL 18th June 2012
POSITIONS
+ SELL OIL
Disclaimer
Summary
SUMMARY
POSITIONS
+ SELL OIL
18th June SELL Sep 12 OIL @ 82.71. Stop @ 85.45 Take Profit @ 76.01
Disclaimer
(1) TECHNICAL 18th June SELL Sep 12 OIL @ 82.71. Stop @ 85.45 Take Profit @ 76.01
us@cl.1 114.83 H igh 115
103.37-74 High
105
100
95
SUMMARY
The breakdown of the oil market first through the 103.37 Prior High and then the combined supports at 90.52 both horizontal and diagonal, leaves the market very little to go except down.
90
Positions POSITIONS
SELL OIL + SELL OIL
Low 75.71
85
80
75
Prior High 112.77 May 2011 50% Fibonacci retracement support on the bull r un from early 2009 low
110.71 High
70
Jul
N ov D ec 2011
Feb Mar
Apr
May Jun
Jul
N ov D ec 2012
Feb Mar
Apr
May Jun
Jul
Aug Sep
Neckline
Daily chart The market is unable to bounce off the supports at 81.87 and 82.63. Add to shorts now and on a break down through that band of support.
98 97 96 95 94
Stop @ 85.45
89.90 Low
93 92 91 90 89 88 87 86 85 84 83
$39.99
$33.70
2 April 9 16 23 30 May 7 14 21 29 4 June 11 18 25 2 July
Disclaimer
(2) FUNDAMENTAL 18th June SELL Sep 12 OIL @ 82.71. Stop @ 85.45 Take Profit @ 76.01
The Oil market enjoyed a brief rally as stocks rallied on talk of a new stimulus and as Central Banks made known their plans to intervene heavily if Greek voters rejected those parties supporting the rescue deal.
SUMMARY
In the event Greece looks set for a pro rescue government, but the rally has already stalled. Where now?
Positions POSITIONS
SELL OIL + SELL OIL
We judge the Euro zone is doomed to recession. The global economy at risk and that includes the US which once this years Presidential race is over will have to face her own growing debt crisis.
In short reduced economic activity means reduced demand for energy. Add in the growing oil reserves of North America and the Oil price looks too high.
Disclaimer
SUMMARY
POSITIONS
+ SELL OIL
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