Crude Oil Prices August 15, 2012, Technical
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Light sweet crude markets had a slightly bullish session on Tuesday, but remain tucked just underneath the $95 level. The market looks bullish, and it does look like pressure is building to the upside, but we still can break above that resistance area for the time being.
This being said, we are bullish of the light sweet crude markets at the moment, but think that a pullback could be coming. If we fall, we would like to see some type of supportive action around either at the $90 level, or the $88 level. If we rise from here, a daily close above the $95 mark would have us buying as well. Selling this market is an even a thought, at least until we hit below the $84 level.
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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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