FX.co ★ Review on сrude oil for October 15, 2014

The IMF global growth forecast, excess supply and concerns about global economic growth pushed the oil prices below $84. The oil prices break down from a verge of symmetric triangle in the weekly and monthly chart. In case, if the prices close below the bottom of the triangle or 84 level on a weekly basis, a new large bearish wave will generate. Earlier we recommended selling on every rise on September 05, 2014 and October 10, 2014 for a downside target at 88.81-80 levels recorded at 94.50 levels. In yesterday's session we made a low at 81.63 near our second target. A 13$ gain in one and a half month. On October 10, 2014 we recommended, a break below 84.06 the prices would extend its fall to 83.65, 82.10 in the near term, within 2 days it touched my targets. The long-term view indicates strong bearish targets aiming at 77.00, a June 2012 low, the 71.50 multi-month low and 69.50 200Msma.