Crude Oil: Daily Trend Remains Down

 | Oct 22, 2014 05:52AM ET

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: