Crude Oil Technicals: November 14, 2014

 | Nov 14, 2014 05:07AM ET

Crude oil is trading slightly below crucial long-term support levels. Only a daily close over $77 would signal a reversal of the downtrend. The commodity may initially consolidate around the $75 level and reduce its “oversold” condition, before any serious rebound takes place. The dollar strength and perceptions of low global economic growth ahead do not help oil price either.