Crude Oil Prices Forecast October 2, 2012, Technical Analysis

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The light sweet crude market had a fairly benign session on Monday, as we continue to hover around the $2.50 level, which is the top of the recent consolidation. On the longer-term charts, this area actually forms a hammer, and does of course suggest that we are starting to build support for oil at this point. There is a real chance of this market moves to the upside, but the next couple of days could be difficult as the world awaits the nonfarm payroll report.

We still believe that $90 will continue to offer massive support, and that the $100 level will be a bit of the top. Because of this, overall we prefer to play this is a range bound market. We are certainly closer to the area that we would like to buy at than sell, so we are bullish by nature.

 

Crude Oil Prices Forecast October 2, 2012, Technical Analysis

Crude Oil Prices Forecast October 2, 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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