Crude Oil Prices August 21, 2012, Technical
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The light sweet crude markets fell during most of the session on Monday, but did manage to bounce off of the $95 level in order to form a hammer. Among many of the risk asset classes on Monday, we saw this exact type of action. There was an initial selloff, to be followed by the buyers stepping back into support prices.
We still suggest that by a breaking above the $95 level that this market is looking for $100. We still think that’s exactly where we are going, and as long as we are above $95 we are more than comfortable going long this market. As for selling this commodity, it isn’t even a thought at this moment.
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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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