Crude Oil Prices August 21, 2012, Technical

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By FX Empire Analyst - Christopher Lewis
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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.

Crude Oil Prices August 21, 2012, Technical

Crude Oil Prices August 21, 2012, Technical

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