Market Cap:
$234B
BTC Dominance:
65.71%
btc:
$8,523.27
eth:
$181.06
xrp:
$0.26
Advertise
Forex

24th Oct 2014 Light Crude Oil Analysis

24th 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 futures traded above 80.35 yesterday as surpluses still weigh on the prices

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 Lower highs on the Stochastics continue to signal a downtrend on the prices of Light Crude Oil

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 prices have fallen into a downtrend channel and so long as it trades below $82 the trend remains firmly bearish till at least $80 before technical retracement

Speculation that the oil output by Saudi Arabia has fallen in September momentarily caused prices to rebound. Crude collapsed into a bearish trend this month as Saudi Arabia and other producers increased price discounts for their oil, amid speculation of competition for Asian market share. Global supplies are rising as the U.S. pumps the most in almost three decades and output from Russia nears a post-Soviet record. Though supply has been limited, it remains to be seen if it is due to hold back to create more supply scarcity or due to a drop in oil production, as the market remains bearish on a cheaper oil that may trade below $80 levels

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish7879.3780.282.648383.65Resistance 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.