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29th Oct 2014 Light Crude Oil Analysis

29th 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 rebounds towards 81.7 as Crude Oil Inventories data released later today will mark the trading direction

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 Still falling within the long term trend line (support turned resistance) the downward channel is yet to be broken and overbought signals are awaiting for re-entry for sellers

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 200 hourly average looks to resist but the 50 and 104 moving averages are hooking up, with the Traditional MACD moving slightly bullish

The intraday movement seems bearish so long as the 200 hourly average holds firm and the price of Light Crude Oil stays within the downward channel. The data release later today estimates inventories of 3.3million barrels and based on the previous release, the surplus could be more than expected as rate of production has not ceased. Price resistance at 83 is crucial.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish 79.580.180.6 82.28383.6

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