Markets

Crude Oil Fundamental Analysis March 6, 2012, Forecast

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 - -

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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