Crude Oil Prices October 10, 2012, Technical Analysis

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The light sweet crude markets initially fell during the session on Tuesday, but caught a bid at the $88 level. The resulting balance have the market closing out above the $92 level, and this does of course suggest serious strength. However, there is quite a bit of noise between the $92 and the $94 levels, and as such it may be difficult to be in this market because of the aggressive volatility we should start seeing.

If we managed to get above the $94 level, we think this market could go much higher and possibly to the $100 level. Alternately, if we can manage to break down below the $88 level on a daily chart, we think this market will go much lower. In the meantime, this is a short-term traders market and is more set up for those who can take advantage of the futures markets in the middle of the day.

Crude Oil Prices October 10, 2012, Technical Analysis

Crude Oil Prices October 10, 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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