Crude Oil Price July 9, 2012, Technical
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The light sweet crude markets fell precipitously after a poor jobs number out of America on Friday. As the risk appetite for global trader fell, it makes sense that this market fell as well. As there is less employment, there is less industrial capacity being utilized, which means of course there will be less petroleum used. With this in mind, it makes perfect sense.
The shooting star on Thursday was the first hint that this could happen. However, we did slam into a supportive area, only to sit still at the end of the day. This gets us thinking that selling is going to be difficult here, simply because of the noise clustered just below. We feel that the breaking of $90 to the outside would be an extremely bullish signal. Without a doubt, we would be willing to buy that signal, but don’t feel that it’s coming anytime soon. On the other hand, we think that a sub $78 level is an invitation to sell as well. In between here and there, it looks like we have a lot of noise to chew through.
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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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