Crude Oil Futures Prices October 23, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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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