Crude Oil Prices October 5, 2012, Technical Analysis
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The light sweet crude market fell rapidly during the session on Thursday, but bounced hard from the $88 level in order to close out at roughly $91.50. This was a significant bounce, and of course formed a very viable hammer on the daily chart. This suggests to us that we should see more bullishness coming out of this market, and as such we think that a break above the $94 level has is looking for the $100 level in relative short order.
Because of this, we are buying on the dips again, and will use the binary options market as well as the CFD markets when possible. The oil markets will be relatively volatile, and as such plane with a larger futures position will more than likely lead to a lot of pain. Safety is first, and as such we like the idea of the options that protect our potential losses.
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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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