Crude Oil Prices August 31, 2012, Technical Analysis

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The light sweet crude markets fell again during the Thursday session as traders decided to take profits before the speech by Federal Reserve Chairman Ben Bernanke later today. There will be serious attention paid to the possibility of quantitative easing in his speech, and if he mentions it this should send commodities in general much higher.

However, if he fails to placate the markets, the US dollar could gain overall, and this would send oil prices lower on the whole. It should be noted that the session finished as a hammer, so it does look like supportive action is coming into play. In this general vicinity we do see quite a bit of support going all the way down to the $93.00 level. Because of this, on a break of the highs from Thursday, we are more than willing to start buying light sweet crude again. As for selling, we have absolutely no plans is doing so in the near term.

 

Crude Oil Prices August 31, 2012, Technical Analysis

Crude Oil Prices August 31, 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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