Crude Oil Prices August 1, 2012, Technical

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?
Enter your e-mail address and read FX Empire content directly from your inbox.
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment

Your email address will not be published.