Crude Oil Prices October 4, 2012, Technical Analysis
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The light sweet crude markets fell dramatically during the Wednesday session as the fourth build in a row happened this week. As supplies continue to gain, and there are several concerns about global growth, this makes sense that the oil markets fell. We have now busted through the $90 handle as support, and as such this of course a bearish turn of events. However, we see quite a bit of support below all the way to the $85 level. Because of this, we are actually going to step aside for the time being as is market looks ready to thrash back and forth.
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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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