Crude Oil Prices October 3, 2012, Technical Analysis
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The light sweet crude market fell for the session on Tuesday as the market continues to consolidate just above the $90 level. This area is massive support, so we suspect that dips going forward will more than likely provide buying opportunities close to that price.
Right now, it looks like this market is stuck between the $90 and the $100 levels, and as such we think that buying while were real low like this is the way to go. We don’t necessarily look for some type of big explosive move to the upside, rather a slow grind higher as the markets had been oversold. As for selling is concerned, we are not interested until we get well below the $85 level.
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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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