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10th Nov 2014 Light Crude Oil Analysis

10th Nov 2014 Light Crude Oil Analysis

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO Light Crude Oil fell towards $76 before rebounding at the end of the week above $78.5, previously seen in June 2012

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO Remaining below the red downtrend resistance line and 80.21 on the Fibonacci downtrend expansion, price of Light Crude Oil futures remain bearish both fundamentally and technically.

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO Rebounding from support at 77.35 saw a continuation of the supporting trendline as higher lows form.

Light Crude Oil futures fell for most part of the week before the U.S NFP registered 21,000 less jobs created than expected, 42,000 less than the adjusted change figures from the last month. Unemployment rate fell to 5.8% but less than expected change in average hourly earnings made the dollar slide after a bullish week, with price of oil rebounding from the previous low of June 2012 and also in Aug 2011. The likely continuation of the fall in oil prices is closely related to stockpiles and productions, and production levels and fundamental reasons in demand are the more likely causes to sustain any trading direction.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish7677.3578798081.208080.3877.35

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