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Aden Forecast "Oil. . .remains under pressure below $80 but has support at $69–$71 level."

ReportEnergy
Date05/19/2010
Loaded Date05/20/2010
TitleRipples Continue Through Markets
Quote"Europe's debt crisis continues to shake the markets. Today's concern that it will trigger a break up in the euro pushed the euro down to its November 2008 lows, which was the low at the heat of the fallout from the financial meltdown. It also put pressure on all of the markets except gold, the dollar and bonds.

The resource and energy sector remains weak. Oil fell to a three-month low today. It'll remain under pressure by staying below $80, but it has support at the $69–$71 level. Let's see if this level holds. Copper has support at $3.10. Our positions are clearly oversold, which means the downside is limited. Keep them."