Crude Oil Prices August 10, 2012, Technical Analysis
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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
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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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