Crude Oil Prices October 16, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

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.

 

Find a Broker
Continue to FX Empire Network