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.

 

Crude Oil Prices August 24, 2012, Technical Analysis

Crude Oil Prices August 24, 2012, Technical Analysis

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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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