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13/11/14 Light Crude Oil rebounds to $78 before falling towards previous low this year

13/11/14 Light Crude Oil rebounds to $78 before falling towards previous low this year

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 continues to edge closer to 76.22 support as the trading range daily shrinks

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 flat below the moving averages, light crude oil remains bearish with no clear fundamentals likely to reverse the trend

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 Resistance at 78 yesterday saw rebound at 104 moving average and the 141.4% on the Fibonacci downtrend expansion

Though OPEC announced a fall in productions the price of light crude oil fails to reflect the similar sentiment as global demand fails to reflect a rise to consume supplies. A return to $78 resistance as seen once earlier this week saw the price return towards this year’s low. Only if $76 is clearly broken lower can we see support levels $73.8 via the Fibonacci expansion.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish73.8 7676.22788083 78 78.4 76.2

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