30 Sept 2014 Light Crude Oil Analysis


CLX, Light Crude Oil, Crude Oil, Oil, Commodities, Commodity, technical analysis, projection, price projection The falling oil prices continues a week of bullish rebounds as 95 is within sight

CLX, Light Crude Oil, Crude Oil, Oil, Commodities, Commodity, technical analysis, projection, price projection Tightened demands saw the price of Light Crude Oil break higher above the 200 average during the U.S session yesterday

CLX, Light Crude Oil, Crude Oil, Oil, Commodities, Commodity, technical analysis, projection, price projection 95.04 on the downtrend retracement could see the price of Light Crude meet with some resistance, while support at 92.82 could meet with increased demand for buyers.

Refineries in Canada and Texas close for unplanned repairs and seasonal maintenance have caused futures on oil prices to hike as the month of September comes to a close. Supplies have tightened as the significant amount of refineries undergoing maintenance in the Gulf Coast, swinging many positions to go from short to long as the price of oil and gas rise from the lowest this year, the previous low being in March 2013. Intraday long positions could be favoured from support at 92.8 - 93 towards previous high of 95 seen on 16 Sept.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Bullish 92 92.8 93 95 95.8 96.6 93 92.25 95
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