Analysis and Recommendations:

Crude Oil is available at 106.78, opening today at 106.54. Oil slid around all day staying in a tight range as negative and positive news balanced each side off. The ongoing worries from Iran, matched the news from China, where Premier Wen Jiabao, in his annual state-of-the nation report to China's parliament, reduce growth for 2012 of 7.5 percent. That would be the slowest pace of expansion since 1990 and well down on last year's 9.2 percent growth rate. Lower growth, lower demand on oil. Continuing worries over the final Greek outcome continues to worry investors.

President Obama, in his strongest comments so far over the Iranian situation, came out and said directly that he would not hesitate to attack Iran before he would allow them to arm themselves with nuclear weapons.

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Economic Events: (GMT)

WEEKLY

Crude Oil Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
104.003
104.747
105.913
106.657
107.823
108.567
109.733

Fibonacci
104.747
105.476
105.927
106.657
107.386
107.837
108.567

Camarilla
106.555
106.730
106.905
106.657
107.255
107.430
107.605

Woodie's
-
104.853
106.125
106.763
108.035
108.673
-

DeMark's
-
-
108.195
106.843
106.285
-
-