Crude Oil Prices forecast for the week of October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The light sweet crude markets fell during the previous week as the consolidation just above the $90 level continues. We feel that this is a bit of a "no man's land" as it is between the obvious consolidation of $80 and $100 a barrel. However, we feel that there is certainly enough pressure going in both directions that it is almost impossible to trade this from a longer-term perspective. As a result, we presently are flat of the light sweet crude market, and will continue to be so until we make a move at either $100 or $80.

 

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