Tend to agree with some. Theres also a major support at 96-98c.
Fundamentally, plenty of news coming , and the news out this week in the US is bound to help.
The PMI's out mid week where excellent, showing growth rather then recession in all major global economies except Tiawan, of those listed.
The jobs data out today in the US was way better then expected, indicating the US is not in for the double dip, but rather a period of very low growth.
All this will help with oil, and in particular the 2011-2015 demand which is predicted to be beyond production capabilities.
When that third rig turns up in Jan look out for the growth on this one. Till then looks like pegging up 35-40c in sept, oct nov dec. Roughly 8-10c per month, just to meet broker targets. And outdated ones at that.
technical insight on aut, page-2
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