Crude Oil Prices October 16, 2012, Technical Analysis

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The light sweet crude markets had a very quiet session during the Monday trading day, as it steadily gained during the trading session. Having said that, it only rose $0.73, and is a long way away from breaking out to the upside. We of course see the support below, and as such will not sell this market.

Longer-term, we are very bullish of the light sweet crude market, but see a lot of noise between here and the $94.50 level. Because of this, we are a little bit hesitant to go long at this point, but certainly wouldn’t sell. A pullback that shows some type of supportive candle we would be more than willing to start to accumulate a small position.

 

Crude Oil Prices October 16, 2012, Technical Analysis

Crude Oil Prices October 16, 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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