Crude Oil Prices October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The light sweet crude markets fell during the session on Friday, and even fell far enough to test the $90 level. It is because of this that we are quite concerned about the uptrend, and think that we are currently heading back down towards the $88 level. In fact, it almost looks like are trying to form a new consolidation area, and as such we are leaving this market flat simply because it is far too volatile at this point time to be bothered with. With this in mind, we think that the market will need a few days to calm down in order to be tradable again.

 

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