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23rd Oct 2014 Light Crude Oil Analysis

23rd 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 fell to just above 80.2 as the trading day draws to a close

Failing to trade higher than 83 has seen inventories report a more than expected surplus, as prices below $80 surely comes around the corner. Failing to trade higher than 83 has seen inventories report a more than expected surplus, as prices below $80 surely coming around the corner.

 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 Awaiting confirmation for the 20 moving average to dip, the prices should continue going south so long as 81.4 resistance is not breached.

Oil prices slid as data from the U.S. Energy Information Administration showed U.S. inventories climbed by 7.11 million barrels in the week ended October 17th, exceeding the gain of 3 million projected by analysts.

Both oil types entered bear markets this month, trading more than 20 percent below their highs for the year, amid the highest U.S. output in almost 30 years and as Russian production nears a post-Soviet record. Oil markets are oversupplied by about 1 million barrels a day.

Low fuel prices also play a part in keeping consumer prices low as the retailers practiced restraint in pricing clothing, medical care and airfares. Light Crude Oil looks to reattain $80 and lower.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish7879.3780.281.482.6483Resistance at 81.3982.478

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.