Crude Oil Technical Outlook for October 3, 2014

Huge reversal for crude oil on Wednesday. After marking 1-year lows @ 88.20, it moved up all day long, to close just below resistance @ 91.50. Next hurdles @ 92.40 and 93. Profit-taking could take the price down to 90.75, 90.25 and 89.90. Although the daily trend is still negative, it is important that the commodity price returned inside the 90-95 price range of the last weeks, even though it is on the channel’s lower end now.

Crude Oil chart, Nov’14 futures, hourl chart:

crude20141001

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

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