Crude Oil Prices July 31, 2012, Technical

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The light sweet crude markets managed to attempt a rally during the Monday session. However, the bullish sentiment faded, and the market fell by the end of the session. This formed a shooting star at the $90 level, and this looks suspiciously like a market that is running out of steam.

Looking at the charts, it does look like we are heading back into a consolidation area between the $90 and $88 levels. This looks like a tight market waiting to happen, and as such we are currently on the sidelines. Even with this nice sell candle forming, we are going to step back and wait to see where the next search leads us as the most recent candles are simply too small in their range for us to be excited about trading this market.

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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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