Crude Oil Prices August 20, 2012, Technical
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The light sweet crude markets broke above the $95 level on Thursday, and the Friday situation only seem to accelerate the market for the buyers. We close the day just a few ticks under the $96 level, and as such it does look like we are getting ready to make a serious attempt to reach the $100 a barrel level. With this in mind, we are only buying this market on either pullbacks or new highs.
With the serious headline risk out there right now, it makes sense that oil prices would begin to climb. It also is a reflection of the potential easing out of the Federal Reserve as well. As the Dollar will fall in that type of situation, it will take more of them to buy the commodities such as oil. Because of this, we are willing to buy this market and ride it out until we hit the $100 mark for a short-term trade. We are starting to become much more bullish of this market, but see a lot of volatility over the next couple of weeks. As for selling, we simply aren’t interested in till we get 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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