Posted by 
MUMBAI, Aug 15 (www.GoldTradingCalls.com) Crude futures settled lower on Friday, down for the fourth straight session as a strenghtening dollar combined with concerns about the slowing economic recovery continue to weigh on prices.
Crude oil futures for September was down 35 cents at $75.39 a barrel on the New York Mercantile Exchange after falling to $75.01 a barrel, the lowest price in four weeks. Brent crude on the ICE futures exchange settled 41 cents lower at $75.11 a barrel.
Crude Oil prices fell more than $5 this week as a string of economic indicators showed that the economic recovery is slowing around the globe, raising fears of weakening crude demand.
The retreat from highs last week near $83 suggested that still-high unemployment in the U.S., combined with slower growth in Asia and Europe, is spreading worries about future oil demand. The Federal Reserve acknowledged Tuesday that the pace of recovery has slowed, and on Thursday weekly jobless claims in the U.S. came in higher than expected.
Technical View
Our Inhouse anlysis on Crude Oil futures confirms a lower intermediate top at USD 83 and crude prices this week has taken a temporary support at USD 75 which is also a 4/8 of Gann . Other important support coming from price retracing .618 from BC, AB=CD, and lastly price retracing .618 from XD. Refer chart for notation.
However , we expext Crude Oil futures to break this bottom after a few days and find support around 27-Aug month end.
Click the url to find out the latest MCX Crude Trading calls from the Editors Desk
www.GoldTradingCalls.com
Get that Winning Trading Edge on your side
