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.
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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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