Finotec News Archive - June 26 2009
Crude oil mounts as traders expect elevated demand.
Crude oil rose for a second day, exceeding $70 a barrel, as Asian equities extended a global stock-market rally, raising expectations of fuel demand growth.
Anthony Boyajian 
26 June 2009
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Crude oil rose for a second day, exceeding $70 a barrel, as Asian equities extended a global stock-market rally, raising expectations of fuel demand growth. The MSCI Asia Pacific Index gained 1 percent, adding to increases in the Dow Jones Industrial Average and the Standard & Poor’s 500 yesterday. The dollar fell, set for a weekly loss against the euro. Militants said yesterday they attacked a Royal Dutch Shell Plc pipeline supplying an export terminal in Nigeria, Africa’s largest producer.
Trading Tactics
Buy Crude Oil on a clear uptrend.
The buying point is at 70.95; previous resistance is the take profit at 72.85; Fibonacci 38.2% is the stop loss at 68.85
The selling point is at 68.60; Fibonacci 23.6% is the take profit at 67.90; Fibonacci 61.8% is the stop loss at 70.38
Technical: crude oil breaks previous resistance and form a higher high. A move back higher could set up a test of 72.85
The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.
By Finotec’s professional analyst,
dealingdesk@finotec.com
Crude Oil (Hourly Chart)
Finotec Analysis Team
26 June 2009
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