Crude Oil Futures Prices October 23, 2012, Technical Analysis
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The light sweet crude markets fell during the session on Monday as the $90 level gave way to the sellers. The real support seems to be at roughly $88, and as such this is the area that we are paying attention to with keen interest.
The candle for Monday certainly looks bearish as we close towards the bottom of the range, and as such we think that the $88 level will be tested over the next 24 hours. Is it this area that we think the real fight begins. Will we continue to consolidate between the $88 and $92? Or will we break down finally? Because of this, the next 24 to 48 hours should be very important.
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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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