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September Crude Oil in Position to Test 50% Level at 80.90

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jun 15, 2010.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    Demand for higher risk assets and the assumption the global economic recovery is back on track helped to drive up September Crude Oil on Tuesday. After forming a secondary higher bottom at 71.92 early last week, the main trend turned up when the market crossed the last swing top at 77.84. The chart is now indicating the market is on pace to test the 50% level at 80.90.

    U.S. equity markets continued to rally, fueled by the belief that the financial problems in the Euro Zone and the slow down in the global economy may be diminishing. The main trend in the September E-mini S&P 500 turned up on Tuesday on the move through the last main top at 1102.75. In addition, the market closed over a 50% level at 1101.25, indicating that the market is likely to continue to move higher toward a resistance cluster at 1117.50 to 1122.00.

    The September Euro continued to rally on Tuesday as short-traders covered positions on the assumption that the Euro Zone economy may be stabilizing and the risk of a collapse in the currency is abating.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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