Crude Oil Prices October 22, 2012, Technical Analysis

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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.

 

Crude Oil Prices October 22, 2012, Technical Analysis

Crude Oil Prices October 22, 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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