Crude Oil Forecast October 15, 2012, Technical

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The light sweet crude markets rallied during the Friday session, but as you can see on the daily chart the $92 level is offering quite a bit of resistance. In fact, this resistance goes all the way to the $94 level and we will have to clear it in order to continue much higher. Having said that, we believe that the $88 level will be a bit of a floor in this market, as it has proven to be so lately.

With this in mind, we believe that this is a short-term traders market and should be approached with serious caution. Binary options are a possibility as the volatility should continue to pick up in this market. This allows you to put a limit on what you’re risking, and use large amounts of leverage at the same time. CFD markets can be utilized as well in order to take advantage of this short-term consolidation. As for the larger oil contracts that are traded at the actual electronic exchanges, we would shy away from them as they tend to be too large for the potential gains that you could possibly make.

Crude Oil Forecast October 15, 2012, Technical

Crude Oil Forecast October 15, 2012, Technical

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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