Crude Oil Prices, July 12, 2012, Technical
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Light sweet crude market had a slightly bullish session on Wednesday, as it bounced from the recent support level at the $85 mark. This looks like more consolidation, but we still feel that the $90 level should continue to keep pressure on this market to the downside. Needless to say, it could be the Iranians that move things given their propensity to saber rattle, and we think that that will always be a bit of a risk in this market if you are short.
Looking at the charts we are very comfortable selling at 90 on a week candle, or even selling on a break below the $84.50 level. However, if we see a daily close above the $90 level, we are willing to go ahead and buy it for a move up to $100. We still think overall that the demand for crude will continue to be weak enough to keep this market lower though.
Crude Oil Prices, July 12, 2012, Technical
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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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