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7th Nov 2014 Light Crude Oil Analysis

7th 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 from $79 yesterday after inventories surplus were less than expected but production has not stalled.

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 Trading back into the downtrend channel the 20 moving average is currently resisted and not likely to turn bullish after the last overbought signal has emerged on the Stochastics Oscillator

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 An uptrend line can be seen as suport at 77.29 is likely to retest, but with 78 as resistance the direction looks bearish, especially when the Traditional MACD has stopped its advances towards the bullish region above 0

West Texas Intermediate crude falls after OPEC cut forecasts for the amount of oil it needs to supply while the dollar strengthened after the positive change in unemployment claims figures. A stronger dollar and low demand works hand in hand to keep prices low. Stockpiles in the U.S., the world’s biggest oil consumer, increased by 460,000 barrels to 380.2 million in the week ended Oct. 31, according to Energy Information Administration estimates.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish75.9676.2277.297878.579.5

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