Crude Oil Prices for the week of August 13, 2012, Technical

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

Light sweet crude markets had an interesting week of the last five sessions as they attempted to rally, but were turned away at the $95 level. We find so interesting is the fact that the week formed a shooting star, just after forming to hammers in a row. This suggests to us that there is massive consolidation coming, and that the markets will be stalled between the $87 and $95 levels.

The trade set up is relatively easy for the longer-term trader. If we break above the shooting star, we go higher and longer-term traders will be long. If we break below the two hammers, this would suggest weakness coming back into the market and support giving way which of course means that longer-term traders will be short of this market. In the meantime, expect choppy and short range trading.

Crude Oil Prices for the week of August 13, 2012, Technical

Crude Oil Prices for the week of August 13, 2012, Technical

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network