Crude Oil technical picture on September 24, 2014

As we can see on the weekly price chart below, Crude Oil is at crucial support levels. The daily trend is down and chances favor a break of $90, with $88 being the next target down. If support holds, there is resistance @ $94, $96 and $98, where sellers will re-emerge. Crude Oil has lost about one sixth of its price since the $108 high made in June even though geopolitical risk is high on the trading agenda.

Crude Oil chart, Nov’14 futures, weekly nearest futures:

Crude Oil(Weekly)20140924

Chart courtesy of investing.com. http://investing.com

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