Crude Oil Prices October 4, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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.

 

Crude Oil Prices October 4, 2012, Technical Analysis

Crude Oil Prices October 4, 2012, Technical Analysis

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