Crude Oil Prices August 1, 2012, Technical
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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.
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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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