Crude Oil Prices October 1, 2012, Technical Analysis
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The light sweet crude market had a relatively quiet session on Friday as the market chose to consolidate. We are currently sitting at the $92 level, but it should be noted that the weekly candle is a massive hammer. It now looks like the $90 level will be supportive, and as such we are actually bullish of this contract once again.
Buying on a break of the highs of the weekly candle would be one viable strategy, or if you are willing to take on a bit more risk you could essentially get in at this point. If you have the ability to trade futures, this should be a very lucrative trade. Also, it is possible to either buy upside calls as we think the $95 and then the $100 levels will be attempted. Selling puts below the $89 strike price is also a viable option as well.
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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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