OIl Range 3rd Nov 08 to 7th Nov 08.

After a interesting rally last week with the thrills and spills of a Indy 500 race , 3 attempts to drive it to the US $60 mark as predicted but was unable to do , with cutback on oil production
had minimal effect effect on the price of oil.

The Demand has begun to soften no doubt, due lack of demand for the lot of industrial goods.
A good indicator is the current price of Steel that has a over- supply and the price is being pressured downwards.Production has begun cutting back.The new mantra will be prudence.

For traders this week, we would see an attempt to break up wards towards the US$70 area for technical but will be face with stiff resistance to break ,but this week trade by the looks , it will be traded around this level. Strong resistance for downwards is at Us$65 level, and a resistance at Us$ 70.00 upwards.

But on mid term outlook I would still stick to my trading range of US $60 /$85.00.

This Week trading level :

Mood : Upward pressure.
High - US$ 70
Low - US$ 65