Crude Oil Prices August 10, 2012, Technical Analysis

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

Light sweet crude markets had a very quiet session during Thursday, and ended the session and basically flat. Without any real economic numbers were headlines to push the markets around, there simply was no catalyst to get above the $95 resistance level. We mentioned that this area could stall pricing for a while, and it does in fact look like that's what it's going to do.

However, we see far too much noise below to consider shorting this market, so we are simply flat of it at this point in time. If we can get above the $95 level on a daily close, we think $100 a barrel is the next move. As for selling, we would have to see a breakdown all the way through the $84 level in order to do so at this point in time. We do however see that the $90 level should be supportive, and would buy a hammer in that area or some other type of supportive candle


Crude Oil Prices August 10, 2012, Technical Analysis

Crude Oil Prices August 10, 2012, Technical Analysis

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