Crude

Crude Oil Fundamental Analysis February 13, 2012, Forecast

Economic Events: (GMT)

WEEKLY

 

Analysis and Recommendations:

Crude Oil is currently trading 98.56 a barrel down 1.29. Today the International Energy Agency cut its outlook for global demand. With Europe falling into a recession and dragging its neighbors with it, use of crude will drop in the EU but also for exports and manufacturers around the globe.

Current GDP growth is now forecast at 3.3% down from the 4% the level used for the previous forecast in September. The US Department of Energy forecast just the opposite, citing an increase of 50,000 barrels per day.

Oil has been staying in pretty close range above 97.00 and below 100's except in response to rumor and rhetoric.

Crude Oil Pivot Points (Time Frame: 1 Day)
 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
95.4267
96.4183
97.7167
98.7083
100.007
100.998
102.297

Fibonacci
96.4183
97.2931
97.8336
98.7083
99.5831
100.124
100.998

Camarilla
98.3852
98.5952
98.8051
98.7083
99.2249
99.4348
99.6448

Woodie's
-
96.4950
97.8700
98.7850
100.160
101.075
-

DeMark's
-
-
99.3575
98.3838
97.0675
-
-