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30th Oct 2014 Light Crude Oil Analysis

30th 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 prices raised to 82.80 as inventories were lower than estimated

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 markets reversed on the rebound of Light Crude Oil prices after it broke above the downtrend channel, with an overbought signal soon to be confirmed for profit taking.

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 A support at 200 hourly average does not bode well for traders, standby for further development once candles break lower and follow the gradient of the 50 and 104 moving averages dipping lower.

Inventories of Crude Oil released earlier by the Energy Information Administration stated that U.S. crude oil refinery inputs averaged over 15.1 million barrels per day during the week ending 24th October 2014, 79,000 barrels less per day than the previous week’s average. Inventories fell for the first time below estimates since the 1st October data. Light Crude Oil futures fluctuated below $82.65.

The FOMC meeting minutes showed that inflation slowdown concerns in the U.S were due to falling energy prices and should not be alarmed. In what turned into a hawkish tone Light Crude Oil ended its correction towards $82.80 and fell towards $81.70

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish 79.5 8080.6 8383.8084.25

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