Excerpt from: CFD Trading in International Financial Markets
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| September 15, 2006 | | Support found in the ICE oil futures | ICE crude oil futures extended their recent losses, falling to a fresh five-and-a-half-month low Friday in line with sharply lower gas prices and news of an end to the oil union strike in Nigeria. But traders said the losses were pared by substantial buying interest at the lows and, while further downside can't be ruled out, they expected the market to find support from profit taking by short position holders, or those who have bet on the market falling, ahead of the weekend. Martin Slaney of GFT Global Markets said his clients are adding new short positions having been net long up until Thursday. Cameron Hanover said the continued presence of long position holders, built at higher levels, throughout the market is damping the potential for a corrective rally. Read full article | | |
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