Crude Oil Prices August 24, 2012, Technical Analysis
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Light sweet crude market fell pretty hard during the Thursday session as oil pullback to find the $96 level. We still see a lot of support at the $95 level, so getting short at this point seems a bit premature, and as such we are essentially waiting to see a supportive candle from which to buy.
There are far too many headline risks out there when it comes to petroleum; this is especially true with the problems going on in the Middle East. This market is in a nice uptrend, and as such we do not recommend selling it at all. In fact, we would have to get below the $84 mark at this point in time in order to start doing so ourselves. We believe that this is a market that should be bought on dips, which is exactly what we are waiting to do.
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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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