Crude Oil Technical Outlook for October 22, 2014

Crude oil is currently stuck in the middle of the last days’ 80-84 dollars per barrel price range. The daily trend is down and I expect a retest of the multiyear lows @ 80 quite soon. Bulls want to see a daily close above $84, which would prepare the ground for a move up to approximately $88.

Crude Oil chart, Nov’14 futures, 5-hours chart:

Crude Oil(5 Hours)20141022

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

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