Crude Oil Prices August 22, 2012, Technical

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Light sweet crude markets had a positive session again on Tuesday, and broke above the highs from the Monday session in order to trigger buy orders. However, by the end of the day we saw this entire market pullback and form a shooting star. This suggests to us that there is some downward pressure, but we think that the $95 level will continue to offer significant support. In other words, it looks like we’re setting out for consolidation.

This of course can change at a moment’s notice based upon headlines. There are reports coming out of Israel that the Israelis are getting ready to preemptively attack the Iranians because of their nuclear program. Whether this is true or not it doesn’t matter, it’s simply put fear into the marketplace which should drive prices higher overall. With this in mind, we are buying supportive action close to the $95 level. As for selling, we aren’t even considering it at this point.

Crude Oil Prices August 22, 2012, Technical

Crude Oil Prices August 22, 2012, Technical

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About: FX Empire Analyst - Christopher Lewis

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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