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4th Nov 2014 Light Crude Oil Analysis

4th Nov 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 falls below $80 as the US session opened but fails to make a clean breakthrough down as higher low trendline remains intact.

 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 retest of the top restraint of the downtrend channel would be an excellent indication of the extension of bearish trend for Oil futures.

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 falls below $78 as June 2012 levels are retested

Oil prices tumbled after trading in a range supported by $80 after Saudi Arabian Oil Co. cut prices for all grades of oil sold to the U.S. Saudi Aramco, the state-owned producer, continues to appeal to clients in Asia with discounts of 10 cents less than Middle East benchmarks. Signs of global output is outpacing demand is still prevalent as the steep drop we have witnessed was after $83 resistance. Many have tested and failed to use $80 as the supporting benchmark.

We could see the low of 2011 at 76 very soon should 78.41 support turn into resistance.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish 76.2 77.1277.88 79.418081 79.4179.877

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.