Crude Oil Prices August 23, 2012, Technical
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The light sweet crude markets had a slightly positive day on Wednesday, as the $95 level seems to be acting as support now. The truth is this market looks like it’s trying to find the $100 level, and as such we can only be long of it at this point in time. What it does and the $100 level may or may not be a completely different story, but in the meantime it definitely looks like you can only buy light sweet crude, and certainly not sell it.
In order to start selling, we would have to see a break well below where we are right now, perhaps even as low as $84. With this in mind, we are buying dips, especially at spots like the $95 level, and the 90 level. We do believe that $100 will offer a significant amount of resistance, but could very well be jumped over after an initial surge and failure.
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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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