Crude Oil Prices July 24, 2012, Technical

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The light sweet crude market came absolutely undone during the Monday session, as it crashed through the $90 level like it wasn’t even there. This suggests to us that perhaps further weakness could come, and a break of the Monday session lows would certainly signify that distinct possibility.

Supply and demand equation is definitely bearish when it comes to this market, so the fact that it crashed so hard for the day wasn’t a big surprise when there were so many fears coming out of Europe again. Looking at the charts, it does look like there is some support right around the $85 mark, and this suggests to us that it is the target that the markets will be aiming for at this point in time. If we manage to break below that, we would become a little the more aggressive to the short side, knowing that the next target is $78. If the $78 level gives way, this market could fall much, much further.

Crude Oil Prices July 24, 2012, Technical

Crude Oil Prices July 24, 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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