Crude Oil Prices August 1, 2012, Technical

By FX Empire Analyst - Christopher Lewis
Font Size
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The light sweet crude market fell during the session on Tuesday, and looks very vulnerable at this point. Just below, you will see some supportive action, but it must be said that we have started to wilt a little bit at these higher levels.

Once we get below the $84 level however, it should open the floodgates to start shorting this market rapidly. To the upside, we don't see much over the last couple of days it has is comfortable buying at this point in time. We could of course, have a supportive candle appear somewhere around the $85 level that would instill a little bit of confidence for us, but in till we see that we don't plan on buying this market.

Crude Oil Prices August 1, 2012, Technical

Crude Oil Prices August 1, 2012, Technical

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network