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21st Oct 2014 Light Crude Oil Analysis

21st Oct 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 continues to fall as $84.14 proves to be a higher than market’s expectation

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 Will the current rebound off the downtrend channel be a sign of a breakthrough of the bearish movement of Crude Oil futures?

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 Traditional MACD still holds a slight bearish sentiment as moving averages remain flat-bearish

Massive discoveries in North Dakota and Texas this year have driven up supply of oil and kept prices down, even amid tensions in the Middle East and Ukraine that would have driven prices higher due to scarcity and increase of demand whenever conflict arises. Roughly 3 million more barrels a day are being produced now than in 2011. Many countries that depend on oil revenue to balance their budgets are already operating on losses but it seems that the U.S will not be cutting down on its production soon as they are not priced out of the competition.

Falling lower than the $82.60 level we may see sub $80 levels as major supports at $78.35 – $77, and caution to stay with the trend before making swing trade decisions.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish7780.3081.584.1486.2888484.681

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