Crude Oil Prices August 27, 2012, Technical
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The light sweet crude market had a very flat day on Friday, as the markets it’s just above the $96 level. The bottom of the range essentially went down to try and retest the $95 level, but there was probably a lack of trading volume for the session as a result of the day being Friday. Most traders currently do not like to carry risk over the weekend, especially with all the headline risk out there.
Looking at this chart, we can see that a break below the $95 level on a daily close would in fact be rather significant. This is especially true if we can close sub $94. On the other hand, if we break the top of Thursday’s range, we should see a move up to $100 in relative short order.
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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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