Crude Oil Prices for the week of October 8, 2012, Technical

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The light sweet crude market fell during most of the week as we pierced and broke down below the $90 level. This area was very supportive at one point in time, and it is a little bit surprising that it didn’t hold a little bit more stringently than it did. However, we see the $88 level as being the bottom of that massive support zone, and it has not been broken yet.

Looking at the chart, it seems that we are still looking at possibly bouncing up to the $100 level, but we will more than likely see a bit of a grind in the meantime. On a move above the $90 level, we think that this market will return to the $100 level before it’s all said and done. As for selling oil, we simply will not do it right now as there are far too many minor support areas between here and the major support area at the $80 level.

 

Crude Oil Prices for the week of October 8, 2012, Technical

Crude Oil Prices for the week of October 8, 2012, Technical

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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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