Crude Oil Prices October 11, 2012, Technical Analysis
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The light sweet crude markets had a bullish session on Wednesday as the hammer from the Tuesday session triggered buying. However, by the end of the session we had given up about half of the gains in this doesn’t leave this is confident as we would have been in the middle of the Wednesday session.
It appears now that the $93 area is a spot of significant resistance, and as such we feel that we are essentially going to range trade between $88, and the aforementioned $93.00 level. With that in mind, we are not fans of trading crude oil at the moment. If you have the ability to trade the CFD market, may possibly be able to trade low leveraged positions in this tight range and do fairly 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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