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22nd Oct 2014 Light Crude Oil Analysis

22nd 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 $83.25 resistance yesterday saw the price of Light Crude Oil futures fall to $81.60

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 Break through above the 20 moving average may see $81.60 as the lower restraint as prices go into a technical retracement

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 The 20 and 104 moving averages look to support the recent upswing of the prices and $84.14 resistance looks likely to retest again.

Despite the bear market in oil, Saudi Arabia is still showing the world they are still the go-to country when it comes to deciding winners and losers in the form of influencing supply and prices.

The world’s largest oil exporter is trying to protect its market share by keeping its production steady even as prices hit a four-year low. Energy producers in turmoil, such as Russia, Iran and Venezuela, stand to lose the most. U.S. shale drillers and to a smaller extent Kuwait may suffer and industrialized importing countries including Japan will get a boost from cheaper prices.

Falling below $80 for Light Crude Oil has been rejected by the market and a rebound towards $84.14 is not unlikely, seeing yesterday’s rebound from $81.60. Any more than expected surplus during Crude Oil Inventories announcement later today will see sub $80 levels again.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish79.5080.8081.6083.484.1485.10Break below 81.6082.980

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.