Update on supports and resistances. ( 12/03/2012 02:41 )
Pivot: 106.15
Our Preference: LONG positions above 106.15 with 108.15 & 109.2 as next targets.
Alternative scenario: The downside penetration of 106.15 will call for 105.5 & 104.4.
Comment: the RSI is bullish and calls for further advance.
Trend: ST Bullish; MT Ltd upside
Key levels Comment
109.8** Horizontal resistance
109.2** Fib retracement (78.6%)
108.15*** Fib retracement (61.8%)
106.92 Last
106.15*** Intraday pivot point
105.5** Intraday support
104.4*** Previous low
TIPS
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Even with the same trading system 2 forex traders can get opposite results in the long run. The difference will be again in money management approach. To introduce you to money management, let's get one fact: losing 50% of total account requires making 100% return from the rest of money just to restore the original balance.
NEWS:
Crude oil futures softened in Asian trading on Monday, as profit-takers erased the gains the commodity posted on news the labor market in the U.S. economy continued to show signs of improvement.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at USD106.92 a barrel, down 0.44%.
The commodity hit an earlier session high of USD107.52 and a low of USD106.91.
In the U.S. on Friday, the Bureau of Labor Statistics reported that the economy picked up a net 227,000 nonfarm payrolls in February, outpacing expectations for a gain of 215,000.
Meanwhile, the government revised January's figures up to 284,000 from 243,000.
Crude rose on sentiment that a stronger U.S. economy will need more oil and derivatives to grow, although profit-taking had kicked in by the time Monday rolled around in Asian trading.
Many headwinds still face the global economy, including in Europe.
While Greece recently restructured its debts with private creditors, the country did force some holdouts into the deal via collective action clauses.
That move prompted the International Swaps and Derivatives Association to declare the debt swap as a "credit event" that would activate credit-default swaps, which are insurance policies designed to protect investors against losses on Greek sovereign debt.
The market shrugged off reports that China's oil demand may be rising, while a stronger dollar prompted some investors to ignore crude and go long on the U.S. greenback instead.
On the ICE Futures Exchange, Brent oil futures for April delivery were down 0.21% and trading at USD124.99 a barrel, up USD18.07 from its U.S. counterpart.
The gap in price between the two contracts is pushing toward the higher end of a range between a nearly USD20.00 all-time high and a historical spread of USD1.00.
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