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

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By FX Empire Analyst - Christopher Lewis
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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

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